(FOX BUSINESS) – Federal Reserve Chairman Jerome Powell on Thursday defended the U.S. central bank's decision to keep in place the ultra-easy policy measures implemented last year during the COVID-19 pandemic, even as inflation surges to the highest level in 13 years.
Returning to Capitol Hill for a second day of testimony on the economy and monetary policy, Powell – speaking before the Senate Banking Committee – faced scrutiny and skepticism from some Republican lawmakers that the recent burst in consumer prices is fleeting.
"This is a shock going through the system associated with reopening of the economy, and it has driven inflation well above 2%. And of course we’re not comfortable with that," Powell told lawmakers.
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