Fed Governor Lisa Cook said US inflation remains above the Fed's 2% target and
has been so for more than five years; she supports a 25bp increase at the
September meeting and emphasized restoring price stability while keeping the
labor market strong. Cook said rural America employs about 20 mln people—roughly
one‑eighth of US employment—with unemployment near the national rate but lower
labor‑force participation and slower job growth than urban areas. She noted
rural inflation after the pandemic was at times higher than in cities, driven
mainly by energy and housing costs; rural households spend about 25% of
expenditures on transportation, increasing sensitivity to energy-price swings.
Rural small businesses number roughly 4.3 mln (over 96% of local firms) and
provide about 7.4 mln jobs.
