The Senate has greenlighted Jerome Powell for another term as Federal Reserve chairman after President JoeBiden asked him to continue serving in the role.
Powell, a Republican who was first nominated by former President Donald Trump, has attracted bipartisan support, and Thursday’s vote was 80-19. He gained a second four-year term as the top central banker despite presiding over the highest inflation in four decades, and he now faces the urgent task of tightening monetary policy to ease price pressures.Powell, whose term ended in February, was renominated for the role last year.
Powell has also signaled that the Fed might try to conduct additional half-point hikes at its future meetings. “So there is a path to that. Now, I would say I think we have a good chance to have a soft, or a softish, landing or outcome, if you will,” he added.
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