CORRECTED: Fed chair Powell vows to tackle inflation in reconfirmation hearing

Politics Economy

U.S. Federal Reserve Chairman Jerome Powell on Tuesday vowed to tackle inflation to keep the country's economic recovery on track, calling elevated prices a "severe threat" to the central bank's key goal of achieving a high level of employment. "We will use our tools...to prevent higher inflation from becoming entrenched," Powell said during a hearing of a Senate committee considering his nomination for a second term as the Fed chief. Noting that a strong labor market can be achieved through a "long economic expansion" in which price stability will be key, Powell said, "So, in a way, high infl...

Kyodo News

Kyodo News