Inflation remains too high, Federal Reserve Governor Lisa Cook said Wednesday, even as traders bet the Fed will skip a rate increase in October following weaker-than-expected August inflation data and New York Fed President John Williams saying he sees no urgency for another hike.
Federal Reserve Governor Lisa Cook said Wednesday that inflation has been too high for too long, a message she delivered as traders bet the Fed will skip a rate increase at its October meeting.
Cook's remarks only briefly touched on monetary policy. According to Reuters, Cook told a Richmond Fed conference on investing in rural America in Asheville, North Carolina: "inflation has been too high for too long". She added that she remains committed to returning inflation to the Fed's objective while preserving the strength in the labor market.
The comments landed the same day US inflation data for August came in lower than expected, reinforcing expectations the Fed will hold off on a hike in October. New York Fed President John Williams said Tuesday he does not see urgency for another increase so soon after this month's quarter-point rise in the policy rate.
Cook did not revisit her more extensive remarks from Monday on what is driving inflation. Instead, she spent most of her speech on the rural economy, where she said inflation has tended to run higher than the national average, and labor force participation rates are lower.
Source: Investing.com
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