DETROIT — Lisa Cook, a member of the Federal Reserve Board of Governors, said the Federal Reserve will continue to work to bring down inflation "until the job is done," which includes increasing interest rates.
The job will be done when the Fed's preferred measure of increasing prices is at the central bank's 2% target. Presently, it's running about three times that rate, despite the Fed raising its policy rate nearly 4 percentage points to its highest level in 14 years. Some fear increasing rates will raise unemployment.
"Notwithstanding some easing of these pressures on goods prices, services prices continue to rise briskly," said Cook, who became the first Black woman to join the Fed's board in May. "Altogether, inflation is still unacceptably high and must be our primary focus."
