Fed's Jefferson says inflation has been longer lasting and too high

Federal Reserve Board Governor Philip Jefferson spoke earlier on "Implementation and Transmission of Monetary Policy".

• Fed's Jefferson speech - no remarks on his view on further FOMC interest rate hikes

Q&A now:

• Inflation has been longer lasting and current rate is too high
• Want to return to 2% sooner rather than later; don't want expectations to become embedded
• Some components of inflation have proved persistent, lowering them will take time
• Would like to say 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 will return to 2% soon, but have to avoid damaging the economy "any more than is necessary"

• Fed actions in recent weeks has aimed to show depositors there is "someone out there willing to lend"

• Fed wants banks that need liquidity to feel its okay to use the discount window

• recent rise in discount window lending is appropriate at the moment