We continue to stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our inflation aim in a sustained manner, in line with our commitment to symmetry. Moreover, the ECB’s strategy review, which was delayed because of the pandemic, has resumed recently and will be an important focus for our work over the next year.
2 For example, during the pre-pandemic expansion, the long-standing disparity between unemployment rates for prime-age African Americans and Hispanics and their white counterparts began to close. In fact, disparities in labor market outcomes just prior to the onset of the pandemic were the narrowest in at least 50 years.