Fed Gov. Philip Jefferson
Fed Gov. Jefferson is speaking and says:
- US central bank is addressing inflation promptly, forcefully to maintain its credibility, preserve inflation anchor
- Outlook for non-housing core services inflation depends on whether labor demand moves into better balance with labor supply
- Wage growth is still running too high to be consistent with timely, sustainable return to 2% inflation
- Ongoing imbalance between supply and demand for labor suggests high inflation may come down only slowly
- Feds credibility is higher now than in 1960s and 1970s
- Rrgument that policymakers should accept that this inflation will be costly is well reasoned
- Current situation is different from past inflation fights
- Policymakers must complement findings from economic models with careful scrutiny of real-time data
Jefferson has not spoken for a number of months. He is a voting member's comments suggest is on board with the fight against inflation.