Federal Reserve's Cook Supports Rate Hike, Aiming to Bring Inflation Down to 2%

Federal Reserve Governor Lisa Cook stated that overall inflation in the United States has been above the Fed's 2% target for over five years, supporting a 25 basis point rate hike at the September meeting. She emphasized her commitment to restoring price stability while maintaining a strong labor market. Cook pointed out that approximately 20 million workers in rural communities make up about one-eighth of the workforce, with unemployment rates close to the national level, but labor force participation rates are lower, and job growth is slower than in urban areas. Inflation in rural areas had once exceeded that in cities post-pandemic, primarily influenced by rising energy prices and housing costs. She mentioned that transportation expenses for rural households account for about one-quarter of total expenditures, higher than for urban households, and the impact of rising energy prices is more pronounced for rural residents. Cook also noted the significant role of small businesses in the rural economy, with around 4.3 million small businesses making up over 96% of local enterprises and providing 7.4 million jobs.

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