Fed Governor Cook: Prepared to Raise Rates if Inflation Persists

05/28 00:35

On May 28, Federal Reserve Governor Lisa Cook stated during an event at Stanford University that inflation is moving in the wrong direction, and if this continues, she is prepared to raise interest rates. She indicated that if the labor market deteriorates, she would be ready to lower rates. Although Cook expressed a current preference to keep borrowing costs unchanged and expects price growth to cool again in the coming months, her remarks align with many Federal Reserve officials' views that accelerating inflation is now a greater policy concern than the labor market. Cook stated, 'I want to clarify my risk assessment: the risks still lean towards higher inflation.' She noted that inflation has been above the Fed's 2% target for five years, posing risks of price pressures becoming embedded in pricing and wage-setting behavior. 'Therefore, if the anticipated process of inflation retreat does not materialize in a timely manner, I am prepared to raise interest rates,' she said.

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