Jerome Powell Faces Progressives, Signals Pivot to Curtail Inflation During Senate Confirmation Hearing

New Analysis Federal Reserve Chairman Jerome Powell testified before the Senate on Tuesday on the occasion of his re-appointment by President Joe Biden for a second term in his current position. Powell, who was first nominated by President Donald Trump in 2018 to succeed Janet Yellen as the head of the U.S. central banking system, has been praised by analysts who credit his leadership with avoiding a full-blown economic crisis at the dawn of the CCP (Chinese Communist Party) virus pandemic. His reputation as a quiet consensus builder has allowed Powell to avoid much of the partisanship which pervades contemporary politics. Yet Powell faces growing criticism from a contingent of progressive Democrats, who have lately opposed Biden’s renomination of the incumbent. Though he is considered likely to be confirmed, the questions he faced on Tuesday may foreshadow a challenging second term, as the chairman will have to thread the needle of …