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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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25-01-2022 08:34:00 (UTC+7)

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EUR/USD

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 EUR/USD1.1277↑ Buy
 GBP/USD1.3466↑ Buy
 USD/JPY114.00↑ Sell
 AUD/USD0.7132↑ Sell
 USD/CAD1.2644Neutral
 EUR/JPY128.54↑ Buy
 EUR/CHF1.0366Neutral
 Gold1,842.00↑ Buy
 Silver23.765Sell
 Copper4.4078↑ Sell
 Crude Oil WTI83.60↑ Buy
 Brent Oil85.81↑ Buy
 Natural Gas3.820↑ Buy
 US Coffee C236.75↑ Sell
 Euro Stoxx 504,070.15↑ Sell
 S&P 5004,410.13↑ Buy
 DAX15,076.32↑ Sell
 FTSE 1007,356.60↑ Sell
 Hang Seng24,243.61↑ Buy
 Small Cap 20002,030.04↑ Buy
 IBEX 358,484.39↑ Sell
 BASF65.210Neutral
 Bayer50.88↑ Sell
 Allianz220.05↑ Sell
 Adidas237.55↑ Sell
 Lufthansa6.697↑ Sell
 Siemens AG137.39↑ Sell
 Deutsche Bank AG10.917↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,245
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SJC HCM6,190/ 6,255
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SJC Hanoi6,190/ 6,257
(40/ 45) # 1,213
SJC Danang6,190/ 6,257
(40/ 45) # 1,213
SJC Nhatrang6,190/ 6,257
(40/ 45) # 1,213
SJC Cantho6,190/ 6,257
(40/ 45) # 1,213
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