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
Efforts to contain inflation will constitute the stiffest test
The inflation spike is affecting consumers, the Biden administration and central banks
High prices aren't deterring consumers from spending
The Labor Department said Friday that 4.4 million people quit their jobs in September
The inflation rate was the largest since 1990
Quarles has served as the Fed's first vice chair of supervision, giving him wide-ranging authority over the banking system
America's employers added a solid 531,000 jobs in October, the most since July of this year
To start, the U.S. central bank will reduce monthly bond purchases by $15 billion in each of November and December