— Jerome Powell, Chairman of the Federal ReserveThe Senate on Thursday confirmed Federal Reserve chairman Jerome Powell to a second four-year term that is shaping up to be every bit as trying as his first term as the central bank faces the highest inflation in 40 years. Mr. Powell signaled further half-point increases are likely until the central bank is confident that inflation is set to slow. "The one thing we really cannot do is fail to restore price stability," Mr. Powell said Thursday. White House advisers saw Mr. Powell as someone who could more easily secure Senate confirmation. The political support that Mr. Powell cultivated proved valuable throughout his first term.

Source: Wall Street Journal May 14, 2022 09:30 UTC