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WASHINGTON, Aug 19 - Four years after Federal Reserve Chair Jerome Powell made fighting unemployment a bigger priority during the COVID-19 pandemic, he faces a pivotal test of that commitment amid rising joblessness, mounting evidence inflation is under control, and a benchmark interest rate that is still the highest in a quarter of a century.
Indeed, increases in the unemployment rate like those seen in recent months are typically followed by more. As a matter of equity for those at the job market's margins, and to achieve the best outcomes overall, the new strategy said Fed policy would"be informed by assessments of the shortfalls of employment from its maximum level."
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington Another recent paper suggested policymakers who believe public inflation expectations are formed in the short-run and are volatile should react sooner and raise rates higher in response.
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