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Jefferson: Economic Outlook and Monetary Policy
Thank you, President Schmid, for the kind introduction and for the invitation to speak here today.1 It is an honor to be in Kansas City and in the beautiful 10th District. I welcome the opportunity to attend events like this one because I believe it is essential for Federal Reserve policymakers to share their views with the public and, just as important, to hear directly from business leaders, workers, and families about how they are experiencing the economy. In many ways, the Kansas City region is a perfect place to make those connections. Sitting at the confluence of the Kansas and Missouri rivers, this area has ... (full story)
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- Fed Vice Chair Philip Jefferson did little to build the case for either a December rate cut or an extended pause: “The evolving balance of risks underscores the need to proceed slowly as we approach the neutral rate.”
Recent cuts were appropriate because the balance of risks shifted in recent months “as downside risks to employment have increased.”
His outlook: “A reasonable base case is that tariffs result in a one-time shift in the price level, not an ongoing inflation problem.”
“I expect that the unemployment rate is likely to inch up slightly by the end of the year from the relatively low 4.3% rate recorded in August.”
“The current policy stance is still somewhat restrictive, but we have moved it closer to its neutral level that neither restricts nor stimulates the economy.”
Federal Reserve @federalreserve Speech by Vice Chair Jefferson on the economic outlook and monetary policy @KansasCityFed: https://t.co/8gzRux486K
Learn more about Vice Chair Jefferson: https://t.co/oUzpfyg7jd
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