Federal Reserve's Powell: High inflation 'exacts a toll'
ABC News
High inflation is taking a toll on American families
WASHINGTON -- High inflation is taking a toll on American families, Federal Reserve Chair Jerome Powell acknowledged in remarks to be delivered at a Tuesday congressional hearing, where he is sure to face tough questions on the subject.
“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” Powell said in prepared testimony that was made public Monday.
The Senate Banking Committee will hold a hearing on Powell's nomination to a second four-year term Tuesday. President Joe Biden announced Powell's reappointment in late November.
Inflation has soared to the highest levels in four decades, and on Wednesday the government is expected to report that consumer prices jumped 7.1% over the past 12 months, up from November's 6.8% annual increase.
