BizBeat Ep. 272: Dizzying U.S. inflation overshadows Powell’s second term at the Fed

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U.S. President Joe #Biden nominated Federal Reserve Chairman Jerome Powell for a second four-year term on Monday. However, Powell and the Fed face nearly a 30-year high inflation. Complicating the monetary policy, U.S. labor markets are still four million workers short of pre-pandemic levels. With the dual mandate of maintaining price stability and ensuring maximum employment, Powell and the Fed are not putting the brakes on inflation for fear of jeopardizing the labor market recovery. But there are rising concerns that Powell is moving too slowly to contain rising inflation, which may force him and the Fed to tighten more aggressively in the future, roiling markets and pressuring a U.S. economy addicted to ultra-accommodative policy. In this episode of BizBeat, #CGTN’s Michael Wang explains. #Business

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About This Source - CGTN

This story is an English language news item from CGTN. CGTN is a Chinese state-funded broadcaster.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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