Key facts
- Fed Vice Chair Philip Jefferson said the central bank may take more time to decide on its next rate move.
- Jefferson stated that future Fed rate changes should be driven by the data.
- He described economic output and the job market as broadly solid.
- Jefferson sees the unemployment rate holding steady through the end of the year.
- Inflation remains above target with upside risks, he said.
- He expects inflation pressure to ease over the longer term.
Federal Reserve Vice Chair Philip Jefferson indicated that the central bank might require additional time to assess incoming data before making decisions on future interest rate adjustments, echoing a patient tone previously set by New York Fed President John Williams. Jefferson stated that weighing more data will allow the Fed to make a better call on rates and that future changes should be driven by the data.