The developments placed severe constraints on government  finances, arising from significant revenue shortfalls on the back of weakened domestic  economic activity and  the collapse in  international crude oil prices, coupled with increased government expenditures due to Covid-related spending.
While I expect that the labor market will remain strong as the FOMC continues to tighten monetary policy, these actions do not come without risk. But in my view, our number one responsibility is to reduce inflation. Maintaining our commitment to restore price stability is the best course to support a sustainably strong labor market.