Federal Reserve Chairman Jerome Powell will be in the hot seat on Capitol Hill Tuesday, as he testifies before the Senate Banking Committee in his renomination hearing. Coming just one day ahead of a Consumer Price Index reading that is expected to show a sky-high 7 percent annualized inflation rate, the hearing is likely to be dominated by the topic of fast-rising prices and how the Fed plans to respond.
“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation,” Powell wrote in prepared remarks before the committee, adding that the Fed’s goal now is to keep this high inflation from becoming entrenched.
