That is exactly why we need to learn about the experiences of people in Odessa, Midland and other communities in the Permian Basin. Lately, as you know, the Fed has been focused on lowering inflation, which is essential if we want to support a growing economy and rising incomes.
The incoming data since the last Governing Council meeting in early September confirm our previous assessment of a protracted weakness in euro area growth dynamics, the persistence of prominent downside risks and muted inflation pressures. At the same time, ongoing employment growth and increasing wages continue to underpin the resilience of the euro area economy.