The US Senate on Thursday voted to confirm Jerome Powell to serve as chairman of the Federal Reserve, as the central bank continues to battle the highest inflation rate the country has seen in four decades.
The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through sharp interest rate rises that could extend well into next year.
US President Joe Biden, who in recent days has said fighting inflation is his biggest domestic priority, welcomed Mr Powell's confirmation.
"I am pleased to see the Senate take a step forward on my agenda to get inflation under control by confirming my nominees to the Fed," Mr Biden said.
The Senate has already voted to confirm Dr Lisa Cook and Dr Philip Jefferson to serve on the central bank's board. Lael Brainard was confirmed to serve as the Fed's vice chairwoman.
"The Federal Reserve plays a primary role in fighting inflation, and these well-qualified members of the Board will bring the skill and knowledge needed at this critical time for our economy and families across the country," Mr Biden said.
The president previously said he would respect the independence of the Fed, and supported the central bank's efforts in raising borrowing rates.
The Fed last week raised its short-term interest rate by 50 basis points, its most aggressive decision since 2000.
Mr Powell's confirmation comes as many economists have criticised the Fed for waiting too long to respond to worsening inflation, making its task harder and riskier.
The Fed chairman for months repeated his belief that inflation was "transitory" and would ease as supply chain bottlenecks opened back up.
Prices first surged a year ago after Americans increased their spending after vaccines were administered and Covid restrictions began to decline.
The sharp rise in demand caught many businesses unprepared and short on supplies, causing prices for goods such as cars, furniture and appliances to soar.
Data from the Labour Department released on Wednesday showed that inflation remains high in the US.
The consumer price index rose by 0.3 per cent in April compared to a month earlier, and 8.3 per cent compared this time last year.
Mr Powell was first nominated by former US president Donald Trump.
The Associated Press contributed to this report
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Diriyah%20project%20at%20a%20glance
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
Zayed Sustainability Prize
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
Killing of Qassem Suleimani
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
UAE currency: the story behind the money in your pockets
