Fed Chair Jerome Powell confirmed by Senate for 2nd term

ANKARA

Federal Reserve Chair Jerome Powell on Thursday was confirmed by the US Senate to lead the central bank for a second term.

In an 80-19 vote, the Senate approved President Joe Biden's pick to head the Fed for a second four-year tenure.

Powell took the central bank's helm in February 2018 after being nominated by former President Donald Trump, succeeding current Treasury Secretary Janet Yellen.

He faced two major hurdles during his first four-year term -- the coronavirus pandemic and record-high inflation that still puts pressure on US consumers.

Although Powell repeatedly said last year that inflation is "transitory," consumer prices soared to 8.5% in March -- the highest annual rise in more than 40 years.

Fed last week raised its benchmark interest rate by 50 basis points to tame inflation, while Powell indicated that more rate hikes are on the table in the coming months.