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MNI BRIEF: Fed Nominee Barr Vows To Bring Inflation Down

(MNI) WASHINGTON
(MNI) Washington

Michael Barr, the Biden administration’s nominee for the role of Federal Reserve Vice Chair for Supervision, told lawmakers Thursday he would do whatever it takes to rein in surging U.S. inflation.

“I strongly believe that inflation is far too high today and I'm committed to bringing it down to the Federal Reserve’s target of 2%,” Barr told the Senate Banking Committee during his confirmation hearing.

Cleveland Fed President Loretta Mester told MNI this week she would favor larger rate increases if inflation failed to come down by September, echoing remarks to MNI's FedSpeak podcast from Richmond Fed President Thomas Barkin earlier this month.

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