2023-10-03 15:20:00
The Federal Reserve is focused on achieve a good labor market for a sustained period, stated its president, Jerome Powellat a roundtable in York, Pennsylvania.
“A lot of good things happen.” in addition to increases in real wages, when a good labor market is maintained for a sustained period, Powell said Monday. Efforts are expanding to bring more people into the workforcefor example, such as programs that prepare prisoners to work a year before their release.
“Actually, it turns out that as the expansion goes on longer and longer, More salary needs go to people at the lower end of the salary spectrum“Powell told workers, small business owners and community leaders.
The mortgage rate in the United States reached 7.41%, the highest figure in two decades
“These are really beneficial things. However, to achieve this, it is also clear that we need price stability”Powell said. “Price stability is just a critical piece for the overall economy over the years.”
Powell was joined at the roundtable by Philadelphia Federal Reserve President Patrick Harker. Neither official commented on the near-term outlook for rates or the economy.
Translated by Bárbara Briceño.
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