Key facts
- Federal Reserve Governor Lisa Cook said inflation has been too high for too long.
- Cook is committed to returning inflation to the Fed's objective while preserving labor market strength.
- US inflation increased less than expected in August.
- Traders anticipate the Fed will skip a rate hike at its October meeting.
Federal Reserve Governor Lisa Cook stated on Wednesday that inflation has been "too high for too long" and that she is committed to bringing it down without harming the labor market. Cook made these remarks in prepared statements for a Richmond Fed conference on investing in rural America, held in Asheville, North Carolina.
Her comments come as US inflation increased less than expected in August, according to data released Wednesday. This has led traders to anticipate that the Federal Reserve will skip a rate hike at its upcoming October meeting. New York Fed President John Williams also indicated on Tuesday that there is "no urgency" for another rate increase so soon after the recent quarter-point hike.
Cook did not elaborate on the drivers of inflation, having previously discussed them on Monday. Her speech primarily focused on the rural economy, noting that inflation there has tended to be higher than the national average and labor force participation rates are lower.