The Federal Reserve’s inflation fight should be its top priority, President Joe Biden’s nominees to the central bank’s Board of Governors told lawmakers on Thursday, signaling support for a hawkish pivot in U.S. monetary policy that’s already well underway. In a nearly three-hour Senate Banking Committee confirmation hearing for Fed nominees Lisa Cook, Philip Jefferson, and Sarah Bloom Raskin, legislators focused mostly on non-monetary policy issues, with Republican senators repeatedly challenging vice chair for supervision nominee Raskin on her views about the Fed’s role in mitigating climate risk. The nominees’ broad backing of the Fed’s bid to bring inflation under control was largely in line with the direction signaled by Fed Chair Jerome Powell, whose renomination banking panel members from both sides of the aisle have said they will support. The panel is set to vote on all five of Biden’s Fed nominees, including the renomination of Powell and the …
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