Federal Reserve Chair Jerome Powell is slated to say during a Tuesday congressional hearing that “high inflation exacts a toll,” especially on those less equipped to cover increased food, shelter and transportation expenses.
Powell’s prepared statement has been released ahead of an upcoming Senate Committee on Banking, Housing, and Urban Affairs hearing on Powell’s nomination to serve another term as the chairman of the Board of Governors of the Federal Reserve System.
President Joe Biden tapped Powell to serve a second term, but Powell was initially nominated by then-President Donald Trump in 2017 and then confirmed by the Senate in 2018. […]
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