Barkin Says Fed Has More Work to Do in Inflation Fight

The video discusses the Federal Reserve's mandate to ensure stable prices and maximum employment. It highlights the recent challenges posed by inflation, which reached a 40-year high, affecting everyone, especially vulnerable communities. The Fed has responded by raising interest rates and reducing its balance sheet to bring inflation down, although it remains above the target. The Fed acknowledges that more work is needed to achieve its goals.

What is the current inflation rate mentioned in the text, and how does it compare to the Fed's target?

What does the speaker imply about the work that still needs to be done regarding inflation?