Inclusive growth must come after price stability, says Fed’s Jefferson

First speech as a governor re-emphasised hawkish Fed statements forecasting slow growth

Fed note

In his first public speech as a Federal Reserve governor, Philip Jefferson promised to restore price stability as a precondition for inclusive growth.

On October 4, Jefferson said supply chain issues are unwinding and inflation expectations appear anchored. But in remarks to a conference jointly hosted by the Atlanta, Dallas and Richmond Fed banks, he stuck to line recently emphasised by many Fed officials that inflation is the immediate priority, not growth.

“Monetary policy has a very

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