This year’s Nobel Prize in economic sciences has been awarded to former U.S. Federal Reserve Chair Ben Bernanke and two other U.S.-based economists.

Stagflation.

With inflation surging, unemployment falling and wages rising, some economists are warning that the Federal Reserve may have waited too long to reverse its ultra-low-rate policies — a delay that could put the economy at heightened risk.

Wall Street is worried about the Federal Reserve pulling back its massive support for financial markets.

Federal Reserve Chairman Jerome Powell says the U.S. economy has been permanently changed by the COVID pandemic and it's important that the central bank adapt to those changes.

The Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.

Top Federal Reserve policymakers underscored their concern that Black and Hispanic people are sharply underrepresented in the economics field, which lessens the perspectives that economists can bring to key policy issues.

FILE - In this Thursday, July 4, 2013 file photo, President of European Central Bank Mario Draghi smiles during a news conference in Frankfurt, Germany. Because it is Mario Draghi,’’ the deputy manager of the leading Milan Daily Corriere della Sera, Daniele Manca, said on Wednesday. He took a pragmatic approach during the financial crisis. Draghi joined the ECB as its third chief in 2011, just as Italy was engulfed in a debt crisis. The largely ceremonial role proves key in helping manage Italy’s all-too-frequent political crises, which require deft negotiations and unassailable knowledge of Italy’s constitution and institutions.

President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)WASHINGTON – The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair of the Federal Reserve, was approved by the Senate on a 84-15 vote, becoming the third member of Biden’s Cabinet to win confirmation. Before the approval by the full Senate, Yellen had received unanimous backing from the Senate Finance Committee. Sen. Charles Grassley, R-Iowa, told Yellen that Biden’s plan represented a “laundry list of liberal structural economic reforms.”As Treasury secretary, Yellen, 74, will occupy a pivotal role in shaping and directing Biden’s economic policies.

Powell also stressed that the Fed probably won't raise its rate until inflation has topped 2% for some time. The speculation was fueled by comments from several regional Fed bank presidents, including Raphael Bostic of the Atlanta Fed and Robert Kaplan of Dallas. Bostic said last week that he was “hopeful that in fairly short order we can start to recalibrate” the bond purchases. And Lael Brainard, another governor, said Wednesday that the current level of bond buying “will remain appropriate for quite some time.”Some regional Fed bank presidents have signaled that any reduction in bond purchases is probably a long way off. Still, Powell also said he was quite optimistic that the economy would rebound later this year, once COVID-19 vaccines are widely distributed.

Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that nearly toppled the banking system. She became Fed chair in 2014 when the economy was still recovering from the devastating Great Recession. If confirmed, Yellen would become the first woman to lead the Treasury Department in its nearly 232 years. “I have never met anyone who has worked for or with Janet who has an unkind word to say about her," said Claudia Sahm, a former Fed economist. After leaving the Fed, Yellen became a distinguished fellow in residence at the liberal Brookings Institution in Washington, signaling her continuing interest in financial policymaking.

WASHINGTON – President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Either would be the first woman to serve as treasury secretary. Both Bostic and Ferguson are Black, and either would be the first Black treasury secretary. Brainard also advised President Bill Clinton and was floated as a potential treasury secretary if Hillary Clinton had won the 2016 election. He says, “They all acknowledge this is going to take a massive education campaign.”Biden’s treasury secretary would lead his economic team as many businesses and Americans struggle while the pandemic continues.

Congress, which has already provided more than $3 trillion in support, is scheduled to begin negotiations next week on further support. Yellen and Bernanke, in a joint statement to a House Oversight subcommittee, said that the new measure should provide substantial support to state and local governments. Federal support should be substantial and without overly restrictive conditions on the aid, Yellen and Bernanke said in their statement. The two former Fed officials also urged Congress to provide increased support for medical research into the virus and for more testing, contact tracing and protective equipment as well as other needed hospital supplies. And they said the Fed could change some of its emergency lending programs to boost their use.