Lael Brainard, picked for No. 2 Fed spot, pledges to use ‘powerful tool’ on inflation

Lael Brainard, President Joe Biden’s pick for the number two spot at the nation’s central bank, said the Federal Reserve stands ready to quell inflation through higher interest rates.

“We do have a powerful tool and we are going to use it to bring inflation down over time,” Brainard told the Senate Banking Committee in her confirmation hearing Thursday.

Brainard is currently a Fed governor, where she has served since being appointed by the Obama administration in 2014. If confirmed by…

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