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Fed's 'most important task' is to control inflation, Brainard says

Thursday, January 13, 2022
Fed's 'most important task' is to control inflation, Brainard says © Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

By Ann Saphir and Howard Schneider

WASHINGTON (Reuters) - Controlling inflation that has spiked to nearly a 40-year high is the "most important task" facing the Federal Reserve right now, Fed Governor Lael Brainard said in prepared remarks for a Senate hearing on her nomination to become vice chair of the U.S. central bank.

"We are seeing the strongest rebound in growth and decline in unemployment of any recovery in the past five decades," Brainard said in comments to be delivered to the Senate Banking Committee on Thursday. "But inflation is too high, and working people around the country are concerned about how far their paychecks will go. Our monetary policy is focused on getting inflation back down to 2 percent while sustaining a recovery that includes everyone. This is our most important task.

Brainard is scheduled to begin her testimony at 10 a.m. EST (1500 GMT) in a session that could mark the start of a broader and potentially bitter partisan contest over the make-up of the Fed's seven-member governing board.

Only four of those seats are filled right now, and pending Biden appointments, including for a second vice chair's slot overseeing financial regulation, could advance what he and his Democratic supporters feel should be a bigger Fed role on climate issues and a tougher hand with Wall Street.

Brainard, a Democrat first appointed to the Fed in 2014 by then-President Barack Obama and confirmed at the time by a 61-31 vote, would be a prominent player in that effort.

As a Fed governor she was a frequent dissenting vote against steps taken during former President Donald Trump's administration and under Fed Chair Jerome Powell to loosen oversight of the largest banks; called for the Fed to require financial firms to set aside more capital; and worried that Fed officials were behind European central bankers in understanding how climate change might effect the macroeconomy and financial system.

Republican senators have flagged a potential fight to come: at Powell's own confirmation hearing this week one Republican senator asked whether he risked being outnumbered if Brainard is confirmed along with the other expected Biden appointments to the Fed's board. A majority vote of the Senate, where Democrats exercise narrow control, is required to confirm Brainard to the vice chair position.

Brainard's prepared remarks stuck close to the monetary policy script used by Powell at his hearing on Tuesday, when he said the Fed will act as needed with higher interest rates and other measures to be sure inflation returns from its current high level to the 2% target.

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24-01-2022 06:23:59 (UTC+7)

EUR/USD

1.1317

-0.0023 (-0.20%)

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EUR/USD

1.1317

-0.0023 (-0.20%)

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GBP/USD

1.3499

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USD/JPY

113.72

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AUD/USD

0.7135

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USD/CAD

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EUR/JPY

128.70

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EUR/CHF

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US Coffee C Futures

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Euro Stoxx 50

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Adidas AG

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6.751

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Siemens AG Class N

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 EUR/USD1.1317Sell
 GBP/USD1.3499↑ Sell
 USD/JPY113.72Sell
 AUD/USD0.7135↑ Sell
 USD/CAD1.2609↑ Buy
 EUR/JPY128.70Neutral
 EUR/CHF1.0318Neutral
 Gold1,838.50↑ Sell
 Silver24.075↑ Sell
 Copper4.4348↑ Sell
 Crude Oil WTI84.88Sell
 Brent Oil86.88↑ Sell
 Natural Gas3.764↑ Buy
 US Coffee C233.35Neutral
 Euro Stoxx 504,147.65Sell
 S&P 5004,397.93↑ Sell
 DAX15,337.85Neutral
 FTSE 1007,411.33Neutral
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,538.50↑ Sell
 BASF65.125↑ Sell
 Bayer51.19↑ Buy
 Allianz219.48Neutral
 Adidas245.40↑ Sell
 Lufthansa6.751Buy
 Siemens AG141.30↑ Sell
 Deutsche Bank AG11.091↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,154
SJC HCM6,150/ 6,210
(27/ 17) # 1,155
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,157
SJC Danang6,150/ 6,212
(27/ 17) # 1,157
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,157
SJC Cantho6,150/ 6,212
(27/ 17) # 1,157
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Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
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Dầu hỏa1779018140
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WTI$84.86-0.08-0.09%
Brent$87.72-0.04-0.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.500,0022.810,00
EUR25.000,4426.401,93
GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
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