Although the unemployment rate is at a 50-year low, the strong
labor market is not yet creating pressure for inflation, which
he expects to "gradually" approach the Fed's 2% symmetric
target, Clarida said according to prepared remarks to be
delivered in New York on Thursday.
"I believe that monetary policy is in a good place and should
continue to support sustained growth, a strong labor market, and
inflation running close to our symmetric 2 percent objective,"
Clarida said. "As long as incoming information about the economy
remains broadly consistent with this outlook, the current stance
of monetary policy likely will remain appropriate."
(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)
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