Federal Reserve Chairman Jerome Powell says he will tackle higher inflation

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.

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