The speech focused on child care, housing and the rising cost of living
Efforts to contain inflation will constitute the stiffest test
The inflation spike is affecting consumers, the Biden administration and central banks
The pandemic has made it harder to assess the job market and inflationary pressures
Quarles has served as the Fed's first vice chair of supervision, giving him wide-ranging authority over the banking system
Inflation is pressuring monetary authorities to hike rates sooner than they'd like
Inflation appears stronger than expected, the central bank said
Federal Reserve Chair Jerome Powell expects that inflation will remain elevated well into next year
Weaker GDP data and higher inflation have muddled the picture
Supply issues plus several other global macro factors have contributed to commodity strength