top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

United States

3 Feb 2022

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

Clay pottery with table linens
bottom of page