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Jefferson Says Fed Rate `Skip' Allows Time To Assess Data

FED
  • Skipping an interest-rate hike would allow the Fed to better assess how much additional tightening is needed to bring inflation under control and shouldn't be seen as having hit peak rates, Governor Philip Jefferson said Wednesday, one of the strongest signals yet policymakers may coalesce around leaving rates unchanged until July.
  • "Skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming," he said in remarks prepared for an annual Fed conference on policy challenges for the financial sector in Washington.
  • "Inflation has come down substantially since last summer, but it is still too high, and by some measures progress has been decelerating recently, particularly in the core services sector," Jefferson said. Meanwhile, the amount of credit tightening stemming from the recent banking stress events is "not yet clear, and this uncertainty complicates economic forecasts."
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