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Powell Tells Senate Panel Fed Will Tackle High U.S. Inflation
Posted
January 12, 2022
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January 12, 2022
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1:06Now PlayingFederal Reserve Chair Jerome Powell sought to reassure lawmakers and investors on Tuesday that the central bank can pull off the tricky task of bringing down four-decade high inflation without damaging the U.S. economy.
In a 2-1/2 hour congressional confirmation hearing that was notably free of rancor, Powell said the Fed was on course to begin raising interest rates from near zero and reducing its mammoth $8.8 trillion balance sheet.
But he portrayed those steps as a move away from an ultra-expansionary emergency policy put in place to fight the pandemic, not as a shift to a restrictive stance aimed at cooling off an over-heating economy.
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