Good morning. U.S. inflation is too high, Johnson’s precarious grip on power, U.S. reassures Europe about energy supplies, and Bitcoin gained after CPI reading. Here’s what’s moving markets.
Federal Reserve Governor Lael Brainard said tackling inflation and getting it back down to 2% while sustaining an inclusive recovery is the U.S. central bank’s most pressing task. “Inflation is too high,” Brainard said in remarks prepared for a confirmation hearing before the Senate Banking Committee. If confirmed by the Senate, Brainard will be Chair Jerome Powell’s closest team member on monetary policy and strategy alongside New York Fed President John Williams.