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MNI: Fed Can Take More Steps To Slow Inflation, Jefferson Says

(MNI) WASHINGTON
(MNI)

Fed Governor Philip Jefferson gives debut speech in Atlanta.

Federal Reserve Governor Philip Jefferson in his first public speech Tuesday said he and his colleagues are resolute about bringing inflation back down to 2 percent, noting restoring price stability may take some time and entail a phase of below-trend growth.

"The full effects of monetary policy take time, but in my brief time on the Federal Open Market Committee, we have acted boldly to address rising inflation, and we are committed to taking the further steps necessary," he said. The CME FedWatch Tool earlier today showed a 63% chance of another 75bp fed funds rate hike in November.

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Federal Reserve Governor Philip Jefferson in his first public speech Tuesday said he and his colleagues are resolute about bringing inflation back down to 2 percent, noting restoring price stability may take some time and entail a phase of below-trend growth.

"The full effects of monetary policy take time, but in my brief time on the Federal Open Market Committee, we have acted boldly to address rising inflation, and we are committed to taking the further steps necessary," he said. The CME FedWatch Tool earlier today showed a 63% chance of another 75bp fed funds rate hike in November.

Keep reading...Show less