Braking Down The News

Senate Confirms Jerome Powell to Second Term Leading Federal Reserve

After steering through pandemic shock, central bank faces highest inflation spell in four decades

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The Senate confirmed Federal Reserve Chairman Jerome Powell to a second four-year term that is shaping up to be every bit as trying as his first term as the central bank faces the highest inflation in 40 years.

Mr. Powell’s nomination, approved Thursday on an 80-19 vote, has been on track for months to win bipartisan approval despite unease over inflation and aggressive interest-rate increases that the Fed has urgently commenced to cool price pressures.

 

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