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On Tuesday, Fed Chairman Jerome Powell said that the US Fed is considering a wide range of indicators to assess how close the economy in achieving the target of full employment, drawing attention to workers who often stay on the sidelines.
Later in November, the Fed will begin reducing the stimulus that was introduced in March 2020.
Fed officials pointed to strong economic growth and an increase in the number of jobs as proof that the economy can start living independently. However, Powell also said last week that the Fed would remain patient and prioritize action toward maximum employment before raising interest rates, despite concerns about higher-than-expected inflation.
In connection to this, there are increasingly disputes among politicians about how many more jobs can be added, and how long it will be possible to put up with high inflation when investors are waiting for an interest rate hike in the middle of next year.
This year, job growth averaged 582,000 people per month, but the labor force has decreased by 3 million people compared to the level that existed before the pandemic.
An announcement is expected soon on whether US President Joe Biden will reappoint Powell for a second term as head of the central bank.
The US dollar is steadily ahead of US inflation data. At the same time, currencies are ahead of data on the consumer price index in the United States.
US producer price data for October steadily increased yesterday, indicating that high inflation may persist for some time amid tight supply chains.
At the moment, traders are refraining from big moves ahead of the release of data on the consumer price index (CPI) on Wednesday. And inflation has become the main topic for discussion.
Economists polled by Reuters see the monthly consumer price index accelerating to 0.4%, compared with a 0.2% increase in the previous month, and the year-on-year benchmark, which is being closely watched, rising 0.3% to 4.3%, which is well above the Fed's average annual inflation target of 2%.
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