Atlanta Fed interim President Cheryl Venable said inflation remains too high, with business contacts across the Southeast echoing that concern, and warned that the outlook for easing price pressures is tied in part to unpredictable geopolitical events, particularly the Middle East conflict. In an essay posted by the Atlanta Fed on Aug. 11, she said a clear resolution to the war could help oil shipments move more freely, increase supplies and ease energy prices, while prolonged tension would likely have the opposite effect. Venable also described the labor market as broadly stable despite an estimated loss of 23,000 jobs in July and a drop in the unemployment rate to 4.1% that followed a decline of about 250,000 people in the labor force. She said stagnation in labor-force growth, driven by strict immigration policies under the Trump administration and an aging population, is an unusual circumstance for the United States and changes how officials should think about maximum employment, because even weak or negative job growth can coincide with a lower unemployment rate. Venable is not a voting member on monetary policy and did not say whether she supports a rate increase ahead of the Fed's Sept. 15-16 meeting. The central bank held rates steady in late July, though three officials dissented in favor of a hike.