Investing.com – Federal Reserve Board Member Rafael Bostic said: “Inflation is still seriously high, and we are doing everything we can to bring it down.”
He added that the economy must go through a slowdown, and there is no doubt about this. And there will likely be some loss in the labor market.
Bostick hinted that the Fed’s mission is still far from over, after commenting that the Fed does not hear many layoffs this period, which means the labor market continues to be strong, and demand continues, which threatens to continue rising inflation.
It scored at the opening today the level of 113 points, which is one of the new highs in 20 years.
This level may be the target of the current indicator’s pattern, and it may rush for some correction after reaching it.
At 12:52 am GMT, the commodity market is witnessing a sharp decline, falling to $ 1,638 an ounce, and retreating to 18.677.
It rises to 85.72 after ending last week with a 4-week loss.