The Senate Banking Committee will hold a hearing on Jerome Powell’s nomination to a second four-year term Tuesday.
, which showed a sharp drop in the unemployment rate to a healthy 3.9%, and an unexpected wage increase, has fanned those worries.
At its last meeting in December, Powell said the central bank is rapidly accelerating its efforts to tighten credit with the goal of reining in inflation. The Fed will stop buying billions of dollars of bonds in March, ahead of its previously announced goal of doing so in June. Those bond purchases are intended to encourage more borrowing and spending by lowering longer-term rates.
Powell also said in his prepared remarks that the U.S. job market is “strong” and the economy is “expanding at its fastest pace in many years.”“We can begin to see that the post-pandemic economy is likely to be different in some respects,” Powell said. “The pursuit of our goals will need to take these differences into account.”
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