Senate confirms Powell for 2nd term as Fed fights inflation
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Summary
They suggest, though, that most economists outside the Fed also initially thought high inflation would prove short-lived.“Hindsight says we should have moved earlier,” Powell acknowledged during a Senate hearing in early March.The Fed’s view that inflation mostly reflected supply shocks that would soon fade “turned out to be wrong,” Powell conceded, “not maybe conceptually wrong, but it’s just taking so much longer for the supply side to heal than we thought.”Christopher Waller, a member of the Fed's board, said last week that the central bank was partly thrown off by reports last August and September suggesting that the job market was weakening.
As said here by CHRISTOPHER RUGABER AP Economics Writer