Lael Brainard says fighting inflation is Fed’s ‘most important task’

Date:

Lael Brainard, nominated as Vice-Chair of the Federal Reserve Board of Joe Biden, said the fight against high inflation was the U.S. Central Bank’s move to accept the Federal Reserve’s pivot to tighten monetary policy. He told Congress that it was “the most important task.”

“Inflation is so high that workers across the country are worried about how far checks will go,” Fed Governor Brenard said in a prepared statement submitted to the Senate Banking Commission Thursday. Said.

“Our monetary policy focuses on returning inflation to 2% while maintaining a recovery that includes everyone. This is our most important task,” she added.

Brainard, 60 years old, if confirmed by the Senate Second command US economic policymaking at the Fed after a steady rise. She served as Senior Finance Officer for International Affairs under former President Barack Obama and served on the Fed’s board for almost eight years.

Central banks are moving rapidly toward the following monetary tightening policies: Pivot at the end of last year In the approach to inflation and the risks it poses to economic recovery.

At a hearing on Tuesday, Federal Reserve Chairman Jay Powell said that high inflation was “Serious threatFor the labor market and the outlook for long-term economic expansion.

Brainard is generally considered dovish when it comes to monetary policy, but her testimony suggested that she participated in a more aggressive approach to combating inflation.During her opening statement, she also quotes her International experience To emphasize her determination to curb excessive price increases.

“In some foreign countries, we’ve seen up close how high inflation is hurting workers and their families, especially the most vulnerable,” she says.

Consumer price index Increased by 7% Last month’s year-on-year pace was a step up from the 6.8% registered in November, the largest increase since June 1982.

The Federal Reserve Board is already Three interest rates go up Next year, they accelerated the pace at which they ended a huge bond-buying stimulus program. The Fed’s key policy rate “lift-off” is now widespread Scheduled for March, $ 9 trillion balance sheet cuts to begin later this year.

Brainard is particularly concerned that Tennessee Senator Bill Hagerty will take the lead in portraying Powell as an “activist group” of Biden’s appointees who will stand by and impose the Democratic Party’s policy agenda on the Federal Reserve. It is expected to face tough questions from Republicans.

Brainard sought to dismiss such concerns in his opening remarks. “I am committed to the independent nonpartisan status of the Federal Reserve. If confirmed, I will carry out the responsibilities assigned to the Federal Reserve and promote transparent communication and accountability to you and the American people. We look forward to helping Chairman Powell in doing so, “she said.

Brainard generally works with Powell and other members of the Federal Open Market Committee on monetary policy-related issues, but she Clear voice At the central bank on oversight issues.

During her tenure at the Federal Reserve, she took a stricter position on Wall Street security than her colleagues and opposed more than 20 votes in favor of a rule change to ease the regulation of the largest financial institutions.

It got her praise from a progressive Democrat who had for months Lobbying The Biden administration replaces Powell with Brenard.

Her efforts to strengthen guidelines on how banks serve disadvantaged communities have encouraged the Federal Reserve to more actively incorporate climate-related financial risks into surveillance. It has hurt her reputation among Biden’s party members.

Swamp memo

Lana Forohar and Edward Luce discuss the biggest themes at the crossroads of money and power in US politics every Monday and Friday.Sign up for the newsletter here

Lael Brainard says fighting inflation is Fed’s ‘most important task’ Source link Lael Brainard says fighting inflation is Fed’s ‘most important task’

The post Lael Brainard says fighting inflation is Fed’s ‘most important task’ appeared first on California News Times.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

The U.S. prohibits Russia from paying bondholders through U.S. banks, increasing default risk

Kremlin Tower and Ivan Cathedral in Moscow. Cyrillic Kudryavtsev |...

Cristiano Ronaldo’s GF Georgina Ronaldo The first posthumous event of a baby

Become a glamor! Cristiano Ronaldos girlfriend, Georgina RodriguezStep out...

For Survivors, School Shootings a Lasting and Mean Companion

{"@context":"https://schema.org/","@type":"MedicalWebPage","mainEntityOfPage":"https://www.webmd.com/parenting/news/20220525/for-survivors-school-shootings-a-lasting-and-mean-companion","lastReviewed":"nulldate","reviewedBy":{"@type":"Person"},"about":"Violence (Sensitive Topic)","datePublished":"05/25/2022 19:15:38","headline":"For Survivors, School Shootings a Lasting...