MNI: Fed Nominees Say Focus Is On Fighting Inflation

Federal Reserve nominees Lisa Cook, Philip Jefferson and Sarah Bloom Raskin said fighting inflation is the most important priority and it is crucial the central bank stand ready to prevent inflation expectations from becoming unanchored.

"In terms of priorities, I agree with Chair Powell that our most important task is tackling inflation," Lisa Cook said in testimony for delivery Thursday at the Senate Banking Committee and released Wednesday. "High inflation is a grave threat to a long, sustained expansion, which we know raises the standard of living for all Americans and leads to broad-based, shared prosperity. That is why I am committed to keeping inflation expectations well anchored."

Philip Jefferson sounded a similar note in separate written testimony. "The spike in inflation we are seeing today threatens to heighten expectations of future inflation. The Federal Reserve must remain attentive to this risk and ensure that inflation declines to levels consistent with its goals," he said.

Senate Banking Committee Chair Sherrod Brown has previously told reporters he is eyeing Feb. 15 for a committee vote on all 5 of President Biden's central bank nominees. The Senate committee chair is looking for Senate votes soon after that.

Sarah Bloom Raskin, who is up for the role of Vice Chair for Supervision, said in prepared testimony: "It is an important task of the Federal Reserve to reduce inflation and one that must be a top priority while we continue to sustain our economic recovery."