Jerome Powell was confirmed to a second four-year term at the head of the Fed on Thursday afternoon.Credit…Win Mcnamee/Getty Images
Jerome H. Powell, the chair of the Federal Reserve, said the central bank has both the tools and resolve to bring down rapid inflation — though he acknowledged that the path to lower price increases could be a painful one.
“The process of getting inflation down to 2 percent will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it and inflation were to get entrenched,” Mr. Powell said, speaking during an interview with Marketplace on Thursday.
Mr. Powell was confirmed to a second four-year term at the head of the Fed on Thursday afternoon. He and his colleagues are facing down a challenging situation: While the economy is strong and jobs are plentiful, inflation is running at nearly the fastest pace in four decades. The central bank is tasked…
