Posted by on January 14, 2022 10:09 pm
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Fed Is Focused on Fighting Inflation: Lael Brainard at Senate Confirmation Hearing

Federal Reserve governor Lael Brainard has confirmed to Congress that fighting inflation was the organization’s “most important task,” marking a pivot from last year when she didn’t want the central bank to cut down on stimulus plans. Brainard, 59, was the top contender for the position of Fed Chair, but President Biden renominated Jerome Powell, and gave Brainard a higher position within the organization, which requires additional Senate approval. As part of the Senate confirmation hearing Thursday, she was questioned on inflation, independence of the Federal Reserve, and climate change among other topics. “We are seeing the strongest rebound in growth and decline in unemployment of any recovery in the past five decades,” Brainard said. “But inflation is too high, and working people around the country are concerned about how far their paychecks will go.” Brainard, a Democrat, is expected to get support from fellow Democrats in the Senate Banking …

Originally appeared on The Epoch Times

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