Philadelphia Federal Reserve Bank President Patrick Harker said on Monday that black and Hispanic workers and others in low-wage jobs were just beginning to see their job situation improve before the pandemic hit, wiping out many of those gains,
The Fed's new framework should help to address shortfalls in employment, helping affected workers find new opportunities, Harker said.
"No longer will we head off higher inflation by preemptively raising interest rates before we have achieved full employment," Harker said in remarks prepared for a virtual event organized for the HOPE Global Forum.
"Tolerating the risk of slightly higher inflation, in our view, is worth it if it helps us achieve our employment goals."
Job placement programs can also help people without college degrees move into better-paying roles with more opportunity for growth, Harker said.