Monetary policy

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The Federal Reserve Board governor said higher import tariffs could have a "persistent" impact on inflation.

Fischer, who served on the central bank boards of both Israel and the United States and served as the Federal Reserve vice chair from 2014 until 2017, died Saturday at age 81.

Federal Reserve Gov. Christopher Waller said changes to the Federal Open Market Committee's quarterly economic projections could lead to clearer communication with markets and market participants.

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

The Federal Reserve chair said he made no commitments on the central bank's next monetary policy adjustment, only that the decision would be made based on incoming data.

During its meeting last month, some members of the Federal Reserve's monetary policy committee expressed concern about persistent supply chain disruptions while others were confident price growth would be constrained.

The Federal Open Market Committee will meet on June 18-19. While no rate cuts are expected at this point, things can change quickly. Join us live on June 20th at 1 p.m., as Lauren Saidel-Baker, economist at ITR Economics, provides her take on the meeting the new Summary of Economic Projections and Fed Chair Jerome Powell's press conference.

"I worry a lot about the inflation side, and mainly because we're seeing expectations move in a troublesome way," Federal Reserve Bank of Atlanta President Raphael Bostic said.

The Federal Reserve chair said there is "room for improvement" in how the central bank conveys economic uncertainties to markets and the public.