[Institution: Inflation Remains the Primary Concern for Federal Reserve Policy] Karen Manna, fixed income strategist and portfolio manager at Hermes Investment Management, stated in a report that U.S. inflation remains the dominant concern for policymakers. Federal Reserve officials have shown remarkable consistency on this message. Policymakers have also repeatedly indicated that the current U.S. labor market is no longer viewed as the primary source of inflationary pressure. Instead, employment conditions are increasingly seen as being closer to equilibrium. As a result, the policy framework has shifted from labor market concerns to inflation as the main variable.