Cook Reiterates Inflation Target Amid Slowing Price Growth

Federal Reserve Governor Lisa Cook emphasized her commitment to bringing down inflation without harming the labor market. Speaking at a Richmond Fed conference in Asheville, North Carolina, she noted that inflation has been too high for too long and must be returned to its objective.

Cook's remarks come as US inflation increased less than expected in August, with data showing a slower pace of price growth. Traders now expect the Federal Reserve to skip a rate hike at its October meeting, particularly after New York Fed President John Williams expressed 'no urgency' for another increase this soon.

Cook's speech focused on the rural economy, where she said inflation tends to run higher than in the nation as a whole. She highlighted lower labor force participation rates in these areas and pledged to address the issue through her monetary policy decisions.