Federal Reserve Chairman Jerome Powell will reiterate his pledge to prevent entrenched inflation, in testimony released before his Senate nomination hearing on Tuesday.
- “We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched,” he said in a statement prepared for delivery.
- In November, U.S. consumer prices rose by 6.8% compared to the same period in 2020, in its biggest spike since 1982.
- Powell is due to start his second four-year term as Federal Reserve chair in February.
