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Powell pledges to use Fed's arsenal to prevent entrenched inflation after renomination
Fed will remain ‘un-politicized’ under Powell: Market watcher
Strategic Wealth Partners investment strategist Luke Lloyd and Market Gauge Group managing director Michele Schneider weigh in on Biden tapping Fed Chairman Jerome Powell for a second term.
Jerome Powell on Monday pledged to use the Federal Reserve's full arsenal to prevent faster inflation from becoming more permanent after President Biden renominated him to another four years at the helm of the U.S. central bank.
Speaking at the White House alongside Biden and Lael Brainard – the president's nominee for vice chair – Powell committed to doing "everything within my power" to uphold the Fed's dual mandates of stable prices and full employment.
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"We know that high inflation takes a toll on families, especially those less able to meet the higher cost of essentials like food housing and transportation," he said. "We'll use our tools to support economy and labor market and prevent higher inflation from becoming entrenched."