BREAKING: US job growth continues in August as economy adds 315,000 jobs
"While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," Powell said. "These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain." / Getty Images)
"My current view is that it will be necessary to move the fed funds rate up to somewhat above 4% by early next year and hold it there," Mester said Wednesday in remarks prepared for an event organized by the Dayton Area Chamber of Commerce. "I do not anticipate the Fed cutting the fed funds rate target next year."
For months, the labor market has remained one of the few bright spots in the economy, with the economy adding more than 2 million jobs over the first half of the year. And earlier this week, the government reported that job openings climbed past 11.2 million — meaning there are roughly two available jobs per worker.
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