Federal Reserve Bostic: Households, particularly those with low and middle income and wealth, are experiencing “real pain” due to inflation. The Federal Reserve's employment and inflation missions are at risk, but the labor market signals are “too vague” to respond, and the risk of inflation is “more clear.” There is no concern about the outcome of the Federal Reserve's local federal bank renewal process.

Federal Reserve Bostic: Households, particularly those with low and middle income and wealth, are experiencing “real pain” due to inflation. The Federal Reserve's employment and inflation missions are at risk, but the labor market signals are “too vague” to respond, and the risk of inflation is “more clear.” There is no concern about the outcome of the Federal Reserve's local federal bank renewal process.