U.S. economy can withstand Fed tightening, Omicron surge, Powell says By Reuters

U.S. economy can withstand Fed tightening, Omicron surge, Powell says By Reuters
2/2 U.S. economy can withstand Fed tightening, Omicron surge, Powell says © Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021. Kevin Dietsch/Pool via REUTERS 2/2

By Howard Schneider and Ann Saphir

(Reuters) -Federal Reserve Chair Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term as head of the U.S. central bank, said on Tuesday the economy should weather the current COVID-19 surge with only “short-lived” impacts and was ready for the start of tighter monetary policy.

Powell was openly endorsed by Republicans and Democrats on the Senate Banking Committee in a session which focused largely on how the Fed planned to address inflation running at multi-decade highs, why the central bank misdiagnosed…

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