Fed Is Mindful of Potential Tension Between Inflation and Employment

Fed officials are certainly keeping in mind the challenges that a rebound in inflation and slower economic growth could bring.

“Our obligation is to keep longer-term inflation expectations well anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem,” Powell said.

“As we act to meet that obligation, we will balance our maximum employment and price stability mandates, keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.”