Immigration will help ease pressures in the labour market, but as Ms. Rogers was outlining, if you have an economy that starts in excess demand and you add new labour, new workers add supply but also add demand because they need houses and they go shopping. If you start in excess demand and you add both supply and demand, you're still in excess demand. There's still some work for monetary policy to get that down. Higher immigration means that our economy overall can grow faster without creating inflationary pressure, but it doesn't by itself relieve the excess demand in the economy.
