The Federal Reserve’s inflation fight should be its top priority, President Joe Biden’s nominees to the central bank’s Board of Governors told lawmakers on Thursday, signaling support for a hawkish pivot in U.S. monetary policy that’s already well underway.
In a nearly three-hour Senate Banking Committee confirmation hearing for Fed nominees Lisa Cook, Philip Jefferson, and Sarah Bloom Raskin, legislators focused mostly on non-monetary policy issues, with Republican senators repeatedly challenging vice chair for supervision nominee Raskin on her views about the Fed’s role in mitigating climate risk.
