The US Senate has overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve.
"Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed," said Senate Majority Leader Chuck Schumer ahead of the vote.He added that"Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history.
The Fed is expected to continue on its path of hiking rates throughout the year to curb demand and help prices cool off.Raskin, a former Fed governor who was deputy Treasury secretary during the Obama administration, ultimately withdrew herself from consideration in March.Powell's confirmation was advanced in March with a 23-1 majority.
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