The central bank has made few strides in hiring a more racially diverse staff of economics doctorates. Entry-level jobs are a different story.
Central bankers have been asking whether they should have reacted faster to rising inflation last year — and are learning from the recent past.
Critics have accused the Federal Reserve of not reacting quickly enough to tame rising prices. On Friday, a Fed governor explained why it took so long.
Mr. Barr faced pushback from progressives when his name was floated for a different position.
Gasoline weighed heavily in the increases, while prices moderated in several categories. Some economists say the overall rate may have peaked.
The administration is in a tight spot as fast inflation makes households unhappy. Trying to offset price pain can risk stoking demand.
Notes from the Federal Reserve’s March meeting, at which it raised rates by a quarter of a percentage point, showed officials gearing up to pull back economic support more as they attempt to tame inflation.
Federal Reserve officials had already said that the pace of pay gains would not be consistent with stable inflation if sustained.
Federal Reserve officials are tasked with fostering “full employment.” At least for now, some see the labor market as uncomfortably tight.
Recent poll data suggests that rising prices dominate Americans’ economic concerns, with inflation fears the highest since 1985.