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Consumer prices jumped last month as businesses struggled to keep pace with booming demand, but the Biden administration and the Federal Reserve say the uptick in inflation is likely to be temporary.
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Among the names: Cecilia Rouse is nominated as chair of the Council of Economic Advisers. If confirmed, she'll be the first Black woman, and just the fourth woman overall, to lead the CEA.
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The central bank has blunt instruments at its disposal, which are not tailored to economics of different racial groups. Biden wants the Fed to more explicitly factor in Black and Hispanic outcomes.