Global GDP call trimmed as rate hikes loom larger
Powell also elevated inflation-fighting as a more urgent priority than supporting job growth
For now, omicron hasn't much affected the Fed's economic outlook
The governor said the central bank can play a key role in fostering economic reconciliation
Managing the withdrawal of monetary and fiscal supports remains key
The speech focused on child care, housing and the rising cost of living
Efforts to contain inflation will constitute the stiffest test
The inflation spike is affecting consumers, the Biden administration and central banks
The pandemic has made it harder to assess the job market and inflationary pressures
Quarles has served as the Fed's first vice chair of supervision, giving him wide-ranging authority over the banking system