Federal Reserve governor Philip Jefferson said Friday that inflation remains too high and there has been “little progress” made toward bringing it down to the central bank's 2% target, a pessimistic assessment given signs in a report earlier this week that price increases might be slowing.
Jefferson, who was nominated by President Joe Biden earlier Friday to the position of Fed vice chair, also said in a speech at the Hoover Institution in California that the turmoil in the U.S. financial system following the failure of three large banks will likely have only a limited impact on the economy.
