Fed Gov. Philip Jefferson
- Important to get back to 2% inflation to allow sustained economic gains
- People do better when there are periods of low and sustained inflation
- Pandemic has had a substantial impact on labor supply
So far these are mundane comments but we'll update live.
More:
- Right now there is a lot of resolve at the Fed to do what it takes to bring inflation down
- "Under no illusion" that it will be easy to get inflation to 2%, it could take some time
- Currently inflation may be more persistent but we can't overreact to one data point
- Hard to understand the dynamic processes generating inflation
There's a dovish tinge to dismissing one inflation point but there's also resolve here and I don't think anyone is ruling out 6% rates.