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United States

3 Feb 2022

Fed Nominees Pledge to Fight the “Grave Threat” of Inflation

Fed Nominees Pledge to Fight the “Grave Threat” of Inflation

The Index Today

The nominees to the U.S. Federal Reserve chosen by President Joe Biden, have taken a sober stance on the present situation of inflation, calling it a “grave threat” to the economic and fiscal future of the country.

The nominees are Lisa Cook, Professor of Economics at Michigan State University, Philip Jefferson, Davidson College’s Dean of Faculty, and former Fed Governor, Sarah Bloom Raskin.

Cook said in a written statement, "Our most important task is tackling inflation." Raskin echoed similar sentiments contending that controlling inflation should be the "top priority while we continue to sustain our economic recovery." Jefferson raised the same concerns as his co-nominees, and believes the Fed must "ensure that inflation declines to levels consistent with its goals.”

Their hawkish stance is in stark contrast to the previous dovish perceptions of the three Fed nominees which had been largely informed by their academic research on inequality and poverty.

This comes as the Federal Reserve announced plans to raise as many as five interest rate hikes this year to counter pandemic-induced inflation in the U.S.

©Photo: AP