Nodding to rising bond yields, Fed's Jefferson says can 'proceed carefully'
© Reuters. FILE PHOTO: Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo
"We are in a sensitive period of risk management, where we have to balance the risk of not having tightened enough, against the risk of policy being too restrictive," Jefferson said in his most substantive remarks since winning U.S. Senate approval as the Fed's second ranking leader behind Chair Jerome Powell.
While inflation remains too high, with factors including a still-strong economy and job market and possible spikes in energy costs that could push it higher again, Jefferson said that risk management was"a good reason for holding the policy rate constant at our most recent meeting." Since then, however, the pace of underlying inflation has continued to slow, despite better-than-expected job and economic growth, while a rapid jump in market-based interest rates has led to a broad tightening of financial conditions that could slow the economy without further action by the Fed.
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