Federal Reserve Governor Lisa Cook said overall U.S. inflation has remained above the central bank’s 2% target for more than five years, signaling that price pressures are still running beyond the level the Fed aims to restore. Cook said she supports a 25-basis-point rate increase at the September meeting and added that she remains committed to bringing back price stability.
She also pointed to differences in post-pandemic inflation trends across regions. According to Cook, inflation in rural areas at one point ran higher than in cities after the pandemic, with energy prices and rising housing costs acting as the main drivers. Her remarks add to the policy discussion ahead of the Fed’s September decision, where the path of interest rates continues to hinge on inflation data and the central bank’s effort to return inflation to target.
Federal Reserve Governor Lisa Cook said overall U.S. inflation has stayed above the Fed’s 2% target for more than five years. She said she supports a 25-basis-point rate hike at the September meeting and stressed that she is committed to restoring price stability.
Cook also said inflation in rural areas was higher than in urban areas after the pandemic for a period, mainly because of rising energy prices and housing costs.
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