US economy, labor market remain strong

Federal Reserve (Fed) Bank of Boston President Susan Collins noted late on Tuesday that current Fed policy is helping to cool inflation, but the US economy and labor markets still appear strong, and core inflation still remains elevated.

Key highlights

I am more confident inflation is on durable path of ebbing.

It is important for Fed to preserve healthy labor market conditions.

Core inflation has moderated but is still elevated.

Unemployment still historically low, job growth solid.

Restrictive monetary policy has helped cool inflation.

The data shows the economy is strong and resilient.