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Fed’s Jefferson: inflation ‘insidious,’ need to bring it down

Fed's Jefferson: inflation 'insidious,' need to bring it down © Reuters. Federal Reserve Governor Philip Jefferson speaks at a monetary policy conference at the Hoover Institution, in Palo Alto, California, U.S. May 12, 2023. Earlier in the day he was nominated by U.S. President Joe Biden to be the Fed’s next vice chair. REUTE

PALO ALTO, Calif. – Federal Reserve Governor Philip Jefferson said on Friday he is just as serious about the central bank’s goal of full employment as about its mandate for stable prices, but emphasized that bringing high inflation down is critical.

“I care very much about how the labor market performs because for most people in the U.S. economy, their standing in the labor market will very much determine their station in life, so that’s something I’m very mindful of,” Jefferson said in answer to a question at conference at the Hoover Institution.

“But I also am aware that inflation is the most insidious of social diseases, and so it’s important to try to get it down,” he said.

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