Fed’s Brainard: Inflation control is Fed's most important task

Fed Board of Governors’ member and incoming Vice Chairman of the FOMC Lael Brainard recently crossed wires, via Reuters, while saying, “Returning inflation to the 2% target is the ‘most important task’ facing the US central bank.” The FOMC member said in remarks prepared for delivery on Thursday to a Senate panel considering her for promotion to the vice-chair position, per Reuters.

Key quotes

Our monetary policy is focused on getting inflation back down while sustaining recovery that includes everyone.

Economy is making 'welcome progress,' pandemic continues to pose challenges.

Our priority is to protect gains we've made, support full recovery.

Committed to pursuing fed's two goals of price stability, maximum employment.

Committed to independent, nonpartisan status of Fed.

Will support policies that are in the interests of the American people.

FX reaction

Following the news, AUD/USD prices pause near the two-month high around 0.7290 after rising the most since late November 2021.

Read: AUD/USD battles 100-DMA on the way to 0.7300 amid broad USD weakness