Fed's Cook: Inflation has been too high for too long
TLT•Federal Reserve Governor Lisa Cook said she is committed to bringing inflation down while preserving labor market strength. She said inflation has been too high for too long.
1. Cook’s remarks
Cook made the comments at a Richmond Fed conference on investing in rural America in Asheville, North Carolina. She said inflation has tended to run higher in rural areas than nationally, while labor force participation rates are lower.
2. Rate outlook
U.S. inflation increased less than expected in August, and traders expect the Fed to skip a rate hike at its October meeting. New York Fed President John Williams said Tuesday he sees “no urgency” to deliver another hike soon after this month’s quarter-point increase.
