Jerome Powell's pitch for a second term: America can't afford runaway inflation

Federal Reserve Chairman Jerome Powell is pledging not to allow inflation to become ingrained in the American economy, according to prepared remarks released on Monday.

"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 the remarks released ahead of his confirmation hearing on Tuesday.

Powell, who President Joe Biden has nominated to another four-year term to run the Fed, said the US central bank is "strongly committed" to achieving its goals of maximum employment and price stability.