Fed’s Powell will aim to win a high-stakes bet in 2nd term

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession. So far, his bet has mostly paid off. Growth and hiring have rebounded faster than anyone expected. President Joe Biden, citing his commitment to lowering unemployment, on Monday chose him for another four-year term. Yet Powell’s challenge is hardly over. Inflation has jumped to a three-decade high, and Powell’s efforts to contain it will constitute the stiffest test of his next term.