 so to speak. Okay, well, how's the Fed doing with that balancing act? So far, okay. Inflation's fallen by about two-thirds from its peak, and so far the job market has not caved in. The unemployment rate is creeping up, though. It was 4.1% in June, still low by historical standards, but the highest it's been in more than two and a half years. Fed Chairman Jerome Powell was speaking on a panel in Portugal earlier this week and said he and his colleagues are keeping a close eye on the job market for any signs it might be in trouble.