Feds Jefferson: inflation is too high. Impact of hikes not fully felt

Fed's Jefferson is now speaking and says:

• inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is too high and by some measures progress is slowing, but a year is not long enough to feel the full effect of interest rate hikes so far
• Outlook is not for recession, but growth has slowed considerably
• Expect job growth to also decline and unemployment rate may rise
• Evidence so far points to only a modest incremental tightening of credit conditions to recent bank stress
• Remains uncertain how tighter credit will influence household and business spending
• Inflation in nonhousing services has shown no signs of a significant decline
• Will consider all these factors in deciding the appropriate stance on monetary policy

Sounds like he wants to be on hold. Logan is a new governor on the FOMC board and as such, has a permanent vote at meetings.

A snapshot of the futures ahead of the US stock open shows the Dow industrial average -113 points. The NASDAQ index is up around 5.2 points. The S&P index is down -7.5 basis points.

The 2 year yield is up 6.8 basis points of 4.224%. The 10 year yield is up 3.8 basis points to 3.619%.