US Federal Reserve Board Governor Lisa Cook on Monday said that the US has low unemployment and high inflation. Thus the Fed is focused on inflation at present and the disinflationary process is underway but we are not there yet. On Friday, when she last spoke publically, she said that she was watching credit conditions closely and will factor in potential economic headwinds from recent banking sector turmoil as she weighs the right level of interest rates to deal with high and persistent inflation.