Federal Reserve vice chair for supervision nominee Michael Barr said inflation is too high and if confirmed would be committed to bringing it down to the central bank's 2% target.
"Inflation is running far too high, affecting communities all across our country," he wrote in testimony released early for a hearing before the Senate Thursday. "I would be strongly committed to bringing down inflation to the Federal Reserve’s target, consistent with the Federal Reserve’s dual mandate of maximum employment and price stability." Cleveland Fed President Loretta Mester earlier this week told MNI 50bp interest rate increases may be appropriate at least until September.
"If confirmed as Vice Chair for Supervision, I would be strongly committed to the Federal Reserve’s responsibilities to ensure that the financial system is robust and resilient, that innovation flourishes with clear rules of the road, and that the financial system operates fairly," said Barr.