The Great Resignation has put a new twist on the labor market's role in the economy, forecasters say.
He said restoring inflation to the 2% target is the central bank's “overarching focus right now.”
Central bank officials continued to stress that inflation remains too high.
Four Fed district-bank presidents highlighted in remarks that there was no sign yet of inflation easing.
Would-be home buyers, priced out by fast-rising mortgage rates, are sliding back into the rental market.
The Federal Reserve raised interest rates by the most since 1994.
Fed officials say they can reduce demand for jobs without raising unemployment.
As it tightens policy, the Fed will struggle to simultaneously meet its inflation and employment mandates.
The statement holds open the possibility that the Fed accelerates its monetary tightening.
The Federal Reserve delivered the biggest hike in interest rates since 2000.
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