The Federal Reserve has direct supervisory responsibility for some of the largest and most critical systems in the United States and has a role in overseeing several other systemically important systems. But a coherent framework for supervision of these systems does not exist, and our current authority depends to a considerable extent on the specific organizational form of these systems.
If the health impact of COVID-19 continues to diminish, I am optimistic that more workers will reenter the labor force, but there is a risk that labor supply remains below its prepandemic trend. Inflation On the price stability side of the Fed's mandate, inflation remains stubbornly and unacceptably high, and data over the past few months show that inflationary pressures remain broad based.