MNI BRIEF: Fed's Cook Vows To 'Act As Needed' on Inflation

Federal Reserve Governor Lisa Cook on Tuesday vowed to "stay focused on inflation until our job is done," in remarks prepared for a Senate Banking Committee hearing to renew her 14-year term.

"The American economy is at a critical juncture and it will be essential for the FOMC to act as needed to bring inflation back to our 2% inflation target," she said in opening remarks prepared for the Wednesday hearing. "Elevated inflation is a grave threat to sustaining the expansion of the American economy," she said, adding "I have been consistently supportive of our rapid and forceful actions to tighten monetary policy and bring inflation down."

Cook has voted with the FOMC to raise rates at every meeting except this month, when the committee opted to hold rates steady at 5%-5.25%.