Fed nominee: Fighting inflation is top priority

Lael Brainard, President Joe Biden’s nominee for the Federal Reserve’s No. 2 spot, said Thursday that combating high inflation is the central bank’s top priority and said she believed the Fed could reduce it without sacrificing economic growth. Testifying at her confirmation hearing before the Senate Banking Committee, Brainard noted that inflation is “too high, and working people around the country are concerned about how far their paychecks will go.” “We are taking actions … that I have confidence will be bringing inflation down, while continuing to allow the labor market to return to full strength over time,” she said.