Fed Chair Powell Says Job Market Is 'Unsustainably Hot'

The transcript discusses the Federal Reserve's dual mandate of managing inflation and employment. It highlights the current economic challenges, including a tight labor market with more job openings than unemployed individuals, and elevated inflation levels. The Fed aims to restore price stability to achieve long-term maximum employment without provoking a recession.

What are the implications of having more job openings than unemployed people?

Why is it essential to restore price stability for the labor market?