Statement of Eric S. Rosengren, Commenting on Dissenting Vote at the Meeting of the FOMC

From bostonfed.org

Since the most recent increase in the target for the federal funds rate last December, the economy has made further progress toward achieving the Federal Reserve’s dual mandate (maximum sustainable employment and stable prices). The labor market continued to improve as the U.S. economy added over 1.4 million jobs so far this year. Given these improvements in labor markets, wages have risen gradually – wage growth is now above the roughly 2 percent level that it seemed stubbornly “stuck” at, earlier. The growth rate of core PCE inflation has risen modestly, to 1.6 percent. This progress has occurred despite ... (full story)