New Delhi, July 16 -- While the US economy remains resilient, risks have increasingly shifted toward inflation rather than employment, prompting Federal Reserve Governor Lisa D. Cook to reaffirm her commitment to bringing inflation back to the central bank's 2 per cent target, according to a statement by the Federal Reserve.

Delivering her speech on the economic outlook, Cook noted that persistently high inflation continues to place a heavy burden on American households; hence, restoring price stability remains the Federal Reserve's primary responsibility.

"Even though this week's consumer price index and producer price index reports were softer than expected, they still imply that the price index we target rose 3.7 percent in the 12 mo...