Senate Confirms Fed Chair Jerome Powell To Second Term As Inflation Spikes And Markets Collapse

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Senate Confirms Fed Chair Jerome Powell To Second Term As Inflation Spikes And Markets Collapse
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Though he led the Fed as it staved off a pandemic-induced economic depression, Powell has been criticized over policy choices as inflation spiked to the highest level in 40 years this spring.

The Senate on Thursday confirmed President Joe Biden’s appointment of Jerome Powell to a second term as Federal Reserve Chair, solidifying the central bank's top leadership as it raises interest rates to fight the highest inflation rate in 40 years—and tackles a steep market sell-off spurred by the tighter policy....

First appointed to Fed leadership by President Barack Obama in 2012, Powell has served as chair since the end of Treasury Secretary Janet Yellen's Fed term in 2018; BidenHis policy response to the pandemic was widely praised for staving off an economic depression, but the Fed chair has increasingly faced criticism that the central bankacknowledge

inflation is “much too high” in late March and pledged to “move expeditiously . . . to restore price stability," saying earlier this month the central bank would move to raise rates by 50 basis points in June and July—more than Fed officials forecast at the beginning of the year. Stocks have struggled in response to the threat of rising rates, which typically hurt corporate earnings, with the S&P 500 tumbling 19% this year.

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