Federal Reserve’s Powell: High inflation ‘exacts a toll’

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — High inflation is taking a toll on American families. That acknowledgment comes from Federal Reserve Chair Jerome Powell in remarks to be delivered at a Tuesday congressional hearing, where he is sure to face tough questions on the subject. The Senate Banking Committee will hold a hearing on Powell’s nomination to a second four-year term. Powell’s nomination is likely to be approved with bipartisan support. But members of Congress are sure to interrogate Powell on whether the Fed can successfully take steps to rein in inflation without slowing the economy so much that it falls into recession.