Fed nominees say inflation is 'grave threat' to US growth, vow to fight

Consumer prices rose 7% last near--more than twice the central bank's 2% goal--cheapening American wages and eating into household budgets.

U.S. President Joe Biden's nominees to the Federal Reserve Board came out swinging against high inflation on Wednesday, saying rising prices pose a threat to economic growth and stopping that trend is a paramount task for the central bank.

"Our most important task is tackling inflation," Michigan State University economics professor Lisa Cook, one of three Fed nominees up for a confirmation hearing at the U.S. Senate on Thursday, said in her prepared remarks.

The Fed must "ensure that inflation declines to levels consistent with its goals," wrote nominee Philip Jefferson, dean of faculty at Davidson College, while former Fed governor Sarah