Federal Reserve Chairman Jerome Powell will reiterate his pledge to prevent entrenched inflation, in testimony released before his Senate nomination hearing on Tuesday. 

Fast facts

  • “We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched,” he said in a statement prepared for delivery.
  • Powell is due to start his second four-year term as Federal Reserve chair in February.
  • Since the Covid-19 outbreak in 2020, investors have turned to Bitcoin as a hedge against inflation, touting its 21 million maximum BTC supply as a safe haven.
  • But in recent weeks, Bitcoin has underperformed, failing to break through the highly anticipated US$100,000 level to close out 2021, and even dipping below the US$40,000 mark for the first time since August, according to Coingecko data