US Federal Reserve vice chairman Philip Jefferson said risks to the central bank’s employment and inflation goals are now closer to equal. “The balance of risks to our two mandates has changed – as risks to inflation have diminished and risks to employment have risen, these risks have been brought roughly into balance,” Jefferson said Tuesday in prepared remarks for an event at Davidson College in North Carolina.
Jefferson, in his first public speech since May, said he’ll be assessing incoming economic data and the balance of risks “when considering additional adjustments to the federal funds target range”, adding that he’s making decisions on a meeting-by-meeting basis. Fed officials lowered interest rates at their meeting last month for the first time since the onset of the pandemic, reducing them by one-half of a percentage point.
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