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Jerome Powell gets pounded

Everyone in Washington loves the Federal Reserve when the cost of money is zero. But when interest rates rise in an environment of high inflation, affection is scarce, as Chairman Jerome Powell learned on Wednesday before the Senate Banking Committee.

Republicans hurt him for letting inflation spiral out of control, which is fair enough. “Obviously you are aware that you are going to be the person who will take the fall if inflation is not brought under control,” Senator Mike Rounds (R., SD) told Mr Powell, who promised to stay on the Fed’s new anti-inflation system. – inflation course.