The Federal Reserve is 'on track' to doing what is necessary to meet the two mandates Congress has given it, Fed Governor Philip Jefferson said on Friday: bring inflation down and enable Americans who want jobs to get them.
Federal Reserve Governor Philip Jefferson speaks at a monetary policy conference at the Hoover Institution, in Palo Alto, California, U.S. May 12, 2023. Earlier in the day he was nominated by U.S....PALO ALTO, Calif., May 12 - The Federal Reserve is "on track" to doing what is necessary to meet the two mandates Congress has given it, Fed Governor Philip Jefferson said on Friday: bring inflation down and enable Americans who want jobs to get them.
"Is inflation still too high? Yes," Jefferson said in remarks prepared for delivery to a monetary policy conference at the Hoover Institution. "Has the current disinflation been uneven and slower than any of us would like? Yes. But my reading of this evidence is that we are 'doing what is necessary or expected' of us."Earlier in the day Jefferson was nominated by U.S. President Joe Biden to be the next Fed vice chair, a key role in shaping U.S. monetary policy.
Meanwhile, he said, "monetary policy affects the economy and inflation with long and varied lags, and the full effects of our rapid tightening are still likely ahead of us."
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