Cook: Committed to achieving the 2% inflation target and paying attention to the economic situation in rural areas of the United States

Federal Reserve Governor Cook stated that overall inflation in the United States has been above the 2% target for over five years, supports a 25 basis point rate hike at the September meeting, and is committed to restoring price stability while maintaining a strong job market. Cook pointed out that there are 20 million workers in rural communities in the United States, with an unemployment rate close to the national level but a lower labor force participation rate and slower employment growth than cities. Rural household transportation expenses account for about a quarter of total expenditures, and the rise in energy prices has a significant impact on rural residents. There are 4.3 million small businesses in rural areas of the United States, accounting for over 96% of local businesses and providing 7.4 million job opportunities. (Source: Jin Shi)