Qualcomm inflation challenges Powell’s re-election as Fed chairman, Senate passed

Federal Reserve (FED) President Powell’s re-election bill passed the Senate on the 12th, and he will still bear heavy responsibility for the US and global economy for the next four years, fighting inflation that has hit a 40-year high. level has been reached. United States of America in times of uncertainty. (Reuters)

managing committeePassed by 80 to 19 votes on 12thirrigated(Fed) Presidentball(Jerome Powell), she reached a 40-year high in the United States in a time of uncertainty, while fighting inflation, the U.S. for the next four years. and will continue to shoulder the responsibility of the global economy.

Powell’s overwhelming approval vote reflected widespread support in Congress for the Fed to reduce high inflation through a series of rate hikes; Powell continued to lead the Fed as interim chairman after his first term expired in February.

Powell later said in an interview on NPR’s “Marketplace” on the 12th that once economic data turned out to be worse than officials expected, future interest rates could rise to 0.75%, although this is yet to be considered. has been done.

Ball said, “The process of reducing inflation to 2 percent is painful, but the most painful thing is that we have failed to tackle inflation and allow it to penetrate the economy too much.” At the end of the day, we will face another recession. ,

Powell said in an interview that the Fed’s ability to successfully slow an overheating economy and bring down inflation without triggering a recession depends on “many factors beyond the Fed’s control.” , The comments are a departure from Powell’s earlier optimistic and confident views.

Some economists have criticized the Fed for being too slow to deal with inflation; Prices climbed for the first time last year, but Powell has repeatedly reiterated over the past few months that inflation is temporary and could slow down once the supply chain stabilizes; Keep buying bonds.

Powell said in an interview on the 12th that if vision is impaired, the Fed will raise interest rates earlier at that time, but the Fed will make the best decision at this time based on available information.

The number of votes in the Senate on Powell on the 12th was the same as four years earlier. When former President Trump nominated Powell to be chairman of the Federal Reserve, the Senate passed 84 to 13; He was also voted on by former President Obama and appointed to the Board of Governors.

Although senators generally support Ball, some bipartisan opponents oppose his appointment; Democrat Robert Menendez (NJ, NJ) said the Fed did not elect a Hispanic leader, with Republican Richard Shelby (Richard Shelby, Alabama) taking high inflation against Ball, saying “we should not reward failure.”

The Senate has endorsed three other Fed governors nominated by Biden, including current Vice President Lyle Brainard, as well as African Americans Lisa Cook and Philip Jefferson, indicating that for the first time in the Fed’s 108-year history, there are two African-Americans. At the same time a US director, and Cook is also the first African-American female member of the Fed.

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