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Senate Confirms Powell for 2nd Term as Fed Fights Inflation

Federal Reserve Chairman Jerome Powell gives an online press conference on Nov. 3, 2021. (Photo by Kyodo News/Sipa USA)

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed’s goal is to slow borrowing and spending enough to ease the inflation pressures.

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