Fed’s Jefferson Says Core Inflation Progress ‘Discouraging’
Federal Reserve Governor Philip Jefferson said progress on inflation this year has been “mixed,” but noted that policy takes time to percolate through the economy and is “well on track.”
“Outside of used motor vehicle prices, which fell unexpectedly in March, disinflation in core goods prices is occurring at a slower pace than expected,” Jefferson said in prepared remarks at Standford University’s Hoover Institution in California. “Monetary policy affects the economy and inflation with long and varied lags, and the full effects of our rapid tightening are still likely ahead of us.”
Source: Bloomberg
