Biden's Fed Nominee Criticizes Inflation Response.

President Biden's Federal Reserve nominee, Philip Jefferson, expressed concern over the high inflation rate and the lack of progress towards the Fed's 2% target. He noted that there has been "little progress" on core inflation and that supply and demand imbalances in the goods sector are resolving less quickly than expected. Jefferson also emphasized that the US banking system is sound and resilient despite the closure of three banks. His potential new post would give him greater influence over interest rate policy and bring him in closer coordination with Federal Reserve Chair Jerome Powell.