Monday, January 17, 2022

The Fed’s “most important task” is to control inflation, Brainard said

Must Read

Morgan Wallen appears unexpectedly at MLK Freedom Fest

Morgan Wallen On Saturday, January 15th, MLK took the stage unexpectedly at the Freedom Festival in Nashville. Lil...

“I think they want to save me” – Kathleen Chukagian free agent after UFC Vegas 46 victory

Kathleen Chukagian secured another victory over Jennifer Maya in UFC Vegas 46, but while her first...

Lori Loughlin, Mossimo Giannulli’s Los Angeles home burglarized

Lori Loughlin and Mossimo Jannulli started the new year as victims of the invasion.The couple's home in Los...


FILE PHOTO: The Federal Reserve Board building on Constitution Avenue in Washington, DC, USA, March 19, 2019. / Lea Millis / File photo

WASHINGTON () – Controlling inflation, which has peaked for nearly 40 years, is “the most important task” facing the Federal Reserve right now, Fed Governor Lael Brynard said in a speech to the Senate as he prepares to run for vice president. U.S. Federal Reserve.

“We are seeing the strongest growth in growth and the slowdown in any recovery in the last five decades,” Brainard said in a statement to the Senate Banking Committee on Thursday. “But inflation is very high and people working across the country are worried about how much their wages will go down. Our monetary policy is aimed at reducing inflation to 2 percent, while continuing the all-encompassing recovery. This is our most important task.”

Brainard is scheduled to begin his testimony at the session at 10:00 a.m. (GMT 1500), which could signal the start of a broader and potentially bitter guerrilla contest against the Fed’s seven-member board.

Currently, only four of those positions have been filled and Biden is expected to be appointed, including as second vice president overseeing financial regulation, as he and his Democratic supporters play a big role in the Fed’s climate and be tough with Wall. can advance what he deems necessary. Street.

Democrat Brynard, who was first appointed to the Fed by then-President Barack Obama in 2014 and approved by 61-31 votes at the time, will be a prominent player in the movement.

As Fed governor, he has often voted against steps taken during the administration of former President Donald Trump and Fed Chairman Jerome Powell to ease control over major banks; The Fed called for more capital allocation from financial firms; and Fed officials are concerned that they are behind European central bankers in understanding how climate change could affect the macroeconomic and financial systems.

Republican senators said there could be a potential fight: At Powell’s approval hearing this week, one Republican senator asked if there was a risk that Brynard Biden would exceed his number if approved by other expected appointments to the Fed. A majority vote in the Senate, where Democrats exercise tight control, is required to approve Brainard as vice president.

Brainard’s remarks stuck to the monetary policy script Powell used at Tuesday’s hearing, which convinced the Fed to raise interest rates when needed and return inflation to its current high of 2%. said he would try other measures to do so. .

Howard Schneider’s interview; Edited by Paul Simao

.

- Advertisement -
Latest News

Morgan Wallen appears unexpectedly at MLK Freedom Fest

Morgan Wallen On Saturday, January 15th, MLK took the stage unexpectedly at the Freedom Festival in Nashville. Lil...

“I think they want to save me” – Kathleen Chukagian free agent after UFC Vegas 46 victory

Kathleen Chukagian secured another victory over Jennifer Maya in UFC Vegas 46, but while her first win over Maya brought her...

Lori Loughlin, Mossimo Giannulli’s Los Angeles home burglarized

Lori Loughlin and Mossimo Jannulli started the new year as victims of the invasion.The couple's home in Los Angeles was stolen earlier this...

Facebook bans ads from hemp-based businesses — although products are legal

Facebook and Instagram’s strict advertising policies are hurting small businesses that produce products from cannabis - although the cannabis crop hasn’t taken you...

Mustafa Ali and Vince McMahon had a heated argument before his release request

Mustafa Ali has asked WWE to release him, and he announced the news today. Maybe they’ll get him out of the deal...
- Advertisement -

More Articles Like This