U.S. Senate confirms Powell to second term as Fed chair

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U.S. Senate confirms Powell to second term as Fed chair

STORY: U.S. Senate confirms Powell to second term as Fed chair DATELINE: May 13, 2022 LENGTH: 00:00:55 LOCATION: Washington D.C. CATEGORY: POLITICS SHOTLIST: 1. various of the U.S. Senate voting on the confirmation bill 2. various of exterior of the U.S. Capitol STORYLINE: The U.S. Senate on Thursday confirmed Jerome Powell to a second term as chairman of the Federal Reserve in a long-delayed vote, allowing him to continue leading the Fed to tame the highest inflation in four decades. The upper chamber voted 80-19 to confirm Powell to a second four-year term, almost half a year after President Joe Biden announced the nomination. As the Fed takes more aggressive steps to rein in the surging inflation, Powell's challenge would be to bring inflation down without triggering a recession, which, according to many economists, would be very difficult. Last week, the Fed raised its benchmark interest rate by a half percentage point to a target range of 0.75 to 1 percent, marking the sharpest rate hike s

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