Fed's Jerome Powell vows to stop inflation from becoming 'entrenched'

He said the economy's fast-paced recovery from Covid was giving rise to persistent supply, demand imbalances

Federal Reserve Chair Jerome Powell vowed to fight inflation in testimony on Tuesday before U.S. lawmakers who are expected to focus on the recent surge in prices as they consider him for a second term as head of the central bank.

In opening testimony to the Senate Banking Committee, Powell said the economy's fast-paced recovery from the coronavirus pandemic was "giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation." "We know that high inflation exacts a toll," he added, pledging to use the central bank's full suite of policy tools "to prevent higher inflation from