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MNI: Brainard Says Inflation Fight Is The Fed’s Top Task

WASHINGTON (MNI)

Federal Reserve Governor Lael Brainard said Wednesday that high inflation is the biggest problem facing the U.S. central bank at the moment, with policymakers focused on slowing that rise.

“Inflation is too high, and working people around the country are concerned about how far their paychecks will go,” Brainard told lawmakers in prepared testimony for her confirmation hearing as Fed Vice Chair. “Our monetary policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone. This is our most important task.”

Fed officials have signaled they intend to hike interest rates three times this year, and could nod to a March start of rate increases at its meeting this month. Brainard also touted a strong job market, where the jobless rate has fallen below 3.9%.

"The economy is making welcome progress, but the pandemic continues to pose challenges. Our priority is to protect the gains we have made and support a full recovery," she said.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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