what is the relationship between inflation and monetary policy in this given article? Source: The Job Market vs. Inflation Federal Reserve rate increases haven't cooled the job market or inflation as much as investors thought they would. A recent jobs report showed that there are still millions of more vacancies than there were before the pandemic. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS America's job market is cooling, and so is inflation. Neither one is anywhere close to cold. The Labor Department on Friday reported that the economy added a seasonally adjusted 209,000 jobs in June from a month earlier, down from May's gain of 306,000 jobs and, breaking a streak, a bit shy of the 240,000 economists were looking for. The unemployment rate, meanwhile, slipped to 3.6% from May's 3.7%, putting it a smidge higher than the multidecade low of 3.4% it hit in January, and again in April. Still plenty strong, in other words, and stronger than either the Federal Reserve or Wall Street came into the year expecting to see. In December, Fed policy makers' median projection for the unemployment rate in the final quarter of 2023 was 4.6%. In