Salem Radio Network News Friday, May 27, 2022

Politics

Powell wins enough Senate votes for confirmation as Fed chief

WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell on Thursday won enough support in the U.S. Senate to ensure his confirmation to a second term as head of the U.S. central bank, as policymakers confront the highest inflation in a generation with what may be the steepest interest rate increases since the early 1980s.

With the vote on the Senate floor still ongoing, Powell drew bipartisan backing for another four-year term as Fed chief, lifting the count in his favor above the 51 votes needed for confirmation.

(Reporting by Tim Ahmann, Susan Heavey and Ann Saphir; Writing by Dan Burns; Editing by Paul Simao and Andrea Ricci)

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