Inflation ‘unacceptably high,’ must be Fed’s primary focus, says Federal Reserve governor
“No one has to tell anyone who shops for groceries or pays the rent that inflation is out of whack. But everyone is listening these days to how officials at the Federal Reserve describe inflation, searching for clues for just how much higher the Fed could drive interest rates. Federal Reserve Governor Lisa D. Cook, a former Michigan State University professor, visited Detroit Wednesday and acknowledged that ‘inflation remains much too high.’ But she stopped short of saying how far the Fed will have to go after the six rate hikes consumers and businesses saw so far in 2022. And she did not say how long the Fed would keep interest rates high and restrictive. Much, she said, will depend on the progress that’s made to bring inflation down.”