Powell, the Federal Reserve shifts its policy focus from inflation to employment

ChainCatcher news, according to Jinshi reports, Federal Reserve Chairman Powell emphasized that, given signs showing the labor market is "truly cooling," the Federal Reserve is inclined to achieve "maximum employment" in its dual mandate. He pointed out that since April, the persistent high inflation risks have decreased, partly due to the slowdown in job growth. At the same time, the downside risks in the labor market have increased, and the number of new jobs seems to be below the "break-even rate" needed to maintain the unemployment rate.