Federal Reserve's Cook: Committed to restoring inflation to the 2% target

Federal Reserve Governor Lisa Cook stated that overall inflation in the United States has remained above the Federal Reserve's 2% target for more than five years. She supports a 25 basis point interest rate hike at the September meeting and emphasized her commitment to restoring price stability. Cook noted that inflation in rural areas had been higher than in urban areas after the pandemic, primarily influenced by rising energy prices and housing costs.