He was confirmed with bipartisan support.
WASHINGTON — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades.
Spiking prices across the economy have caused pain for millions of Americans whose wages aren’t keeping up with the cost of such necessities as food, gas and rent. And the prospect of steadily higher interest rates has unsettled the financial markets, with stock prices having tumbled for weeks. To some degree, Powell’s support in Congress reflects the blame that most Republicans assign to President Joe Biden’s $1.9 trillion COVID relief package — rather than to the Fed’s ultra-low rates — for causing high inflation. Many economists, including those who have served in previous Democratic administrations, agree that Biden’s legislation played a role in accelerating prices.
“They could have started to wind down earlier, started to tighten monetary policy sooner, especially once this strong data started to come in,” said Kristin Forbes, an economist at MIT’s Sloan School of Management and a former member of the Bank of England’s monetary policy committee. Christopher Waller, a member of the Fed’s board, said last week that the central bank was partly thrown off by reports last August and September suggesting that the job market was weakening. Slower hiring would have made it harder for workers to secure sizable pay raises and so would have helped keep inflation in check.
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