Powell secures second term as Fed chair

Source: Politco

“The Senate on Thursday overwhelmingly voted to give Federal Reserve Chair Jerome Powell a second term, keeping him atop the world’s most important central bank as he wages a risky battle against the highest inflation in 40 years. Powell has already kicked off a campaign of interest rate increases designed to rein in spending and slow growth in the hopes of taming surging prices, a move that many fear will tip the economy into recession. But the central bank has faced heat for being slow to react even as inflation showed signs of broadening across the economy last fall. Still, senators continue to support the Fed chair, approving him for another four years in a bipartisan 80-19 vote.” (05/12/22)