WASHINGTON: The US Senate on Thursday confirmed Jerome Powell to a second term as head of the Federal Reserve, as the central bank ramps up its fight to crush soaring inflation.
The vote came amid inflation that has hit a 40-year high, fueled by the conflict in Ukraine and sanctions imposed on Russia, as well as Covid-19 restrictions in China that have raised concerns the global supply snarls may worsen.
The Fed chair has said his primary focus is on getting inflation under control, but acknowledged the effort could be painful.
US President Joe Biden, whose popularity has taken a hit from the soaring inflation and record…
