Powell: The Federal Reserve Shifts Policy Focus from Inflation to Employment

According to ChainCatcher, citing Golden Ten Data, Federal Reserve Chairman Powell emphasized that, given signs that the labor market is "truly cooling," the Fed is inclined to achieve "maximum employment" in its dual mandate. He pointed out that since April, the risk of persistently high inflation has decreased, partly due to a slowdown in job growth. At the same time, downside risks in the labor market have increased, and the number of new jobs appears to be below the "breakeven rate" needed to maintain the unemployment rate.