US Senate confirms Powell for second term as Fed fights inflation

Federal Reserve Board Chair Jerome Powell (Alex Brandon/AP)

The US Senate has confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Mr Powell’s high-stakes efforts to curb the highest inflation in four decades.

The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed’s goal is to slow borrowing and spending enough to ease the inflation pressures.