Fed's Musalem Backs Keeping Interest Rates Unchanged, Says Officials Missing More On Inflation Than Jobs
Synopsis
According to a Bloomberg report, Musalem said that the central bank is not missing on its employment mandate, pointing to the labor market being close to full employment.
Federal Reserve Bank of St. Louis President Alberto Musalem on Friday reportedly backed the central bank’s decision to keep interest rates unchanged.
According to a Bloomberg report, Musalem said that the Fed is missing more on managing the inflation side of its mandate. Consumer inflation has hovered above the 2% target since March 2021, according to data from the Bureau of Labor Statistics (BLS).
“We are not missing on our employment mandate,” he said, adding that the labor market is close to full employment, according to the report.
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