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(Bloomberg) -- Central bankers in the last mile of their battle against inflation still need labor markets to cool, though the impact on unemployment may vary across countries.Most Read from BloombergUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Jamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’Dow Average Is Trading Near Historic 40,000 Mark: Markets WrapSlovak Premier Fighting for Life After Assassination Atte

<p><span>Thank you, Sylvain, and thank you to the Federal Reserve Bank of San Francisco for inviting me to speak tonight. After listening to many dinner speakers through the years, I am well aware that after the entrees are served, no one wants to hear someone blabber for 45 minutes. So, I will try to keep this short to leave enough time for a robust discussion afterward, which I hope my remarks will generate.</span></p>

<p><span>Over the past year, inflation has been very high in the United States and around the world (</span><a id="fig1" href="https://www.federalreserve.gov/images/brainard-figure1-20220907.png" data-toggle="lightbox" data-gallery="global-figures" data-flickr="false">figure 1</a><span>). High inflation imposes costs on all households, and especially low-income households. The multiple waves of the pandemic, combined with Russia's war against Ukraine, unleashed a series of supply shocks hitting goods, labor, ...