Federal Reserve Gov. Philip Jefferson on Monday said he does not support calls to raise the central bank's 2% inflation target.
One of President Joe Biden’s new appointees to the Federal Reserve on Monday said he doesn’t support raising the central bank’s 2% inflation target.
In a talk to students at Harvard University, Fed. Gov. Philip Jefferson said that raising the inflation target “would damage the central bank’s credibility.” Many economists worry that the Fed will have to cause a severe economic downturn to get inflation back to the 2% target and so have been calling for the Fed to be pragmatic and accept a higher target. They have been hoping for some support from the new Biden Fed appointees like Jefferson.
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