💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

Fed's Cook counters overheating predictions, underscores evolving employment levels

EditorOliver Gray
Published 2023-10-18, 11:08 p/m

Federal Reserve Governor Lisa Cook addressed the 2023 Future of Black Communities Summit’s Louis E. Martin ceremony on Thursday, highlighting the importance of maximum employment as a key central bank goal. Cook, who made history as the first Black woman governor of the Fed, traced the legal origins of this goal to the Employment Act of 1946.

In her address, Governor Cook emphasized that maximum employment levels aren't static but evolve in response to economic shifts. This perspective contradicts some economists' predictions about potential economic overheating due to low unemployment rates.

Cook also touched on broader discussions on price stability and a 2% inflation target. She expressed her support for the Federal Reserve's rate increases aimed at achieving this inflation target.

The Fed Governor also acknowledged the significant role played by economic-empowerment advocates in shaping legislative changes. She specifically mentioned Coretta Scott King's contributions to key amendments in the Federal Reserve Act (1977) and the Humphrey-Hawkins Act (1978).

Governor Cook was honored with the "Great American Award" at the summit. Her remarks underscored her commitment to economic empowerment and inclusivity, and her belief in an evolving definition of maximum employment that adapts to changing economic conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.