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Jerome Powell, The head of the US central bank has stated that he will combat rising inflation

In comments published ahead of his Senate confirmation hearing on Tuesday. So, Federal Reserve Chairman Jerome Powell will restate his commitment to prevent entrenched inflation.

“We will use our tools to support the economy and a strong labor market”
“and to prevent higher inflation from becoming entrenched,”
Then, Jerome Powell says in a statement for delivery.

Consumer prices in the United States climbed 6.8% in November compared to the same month in 2020. So, the highest increase since 1982.

Jerome Powell is set to begin his second four-year term as chairman of the Federal Reserve in February.

Investors have turned to Bitcoin as a hedge against inflation since the Covid-19 outbreak in 2020,. Thereby, citing its 21 million maximum BTC supply as a safe haven.

However, according to Coingecko data, Bitcoin has underperformed in recent weeks, failing to break past the highly anticipated US$100,000 threshold to close out 2021, and even sliding below the US$40,000 mark for the first time since August.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

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