Economics
Fed Says Commitment to Restoring Price Stability ‘Unconditional’
- Labor market tight, demand for workers outstripping supply
- Fed reiterates price stability needed for strong labor market
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The Federal Reserve said it would do what is needed to get prices under control, reiterating that price stability is necessary to support a strong labor market and calling its commitment to reining in inflation “unconditional.”
“The committee is acutely aware that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials,” the Fed said in its semi-annual report to Congress released Friday. “The committee’s commitment to restoring price stability -- which is necessary for sustaining a strong labor market -- is unconditional.”