Philip Jefferson on inflation
From Global Perspectives with Philip Jefferson · · Dallas Fed
“Progress on disinflation has stalled over the past year, mainly because of tariffs and inflation remains somewhat elevated relative to our target.”
On , Philip Jefferson, Vice Chair at Federal Reserve Board of Governors, spoke about inflation during Global Perspectives with Philip Jefferson on Dallas Fed.
About Philip Jefferson
Philip Jefferson, Vice Chair of the Federal Reserve Board of Governors, spoke at a Dallas Fed event on March 25, 2026. He stated that he supported the Federal Open Market Committee's decision to hold the federal funds rate steady and reaffirmed his commitment to returning inflation to the 2% target. Jefferson noted that progress on disinflation has stalled over the past year, attributing this mainly to tariffs, and said inflation remains "somewhat elevated" relative to the target. He also expressed an expectation that overall inflation would move higher in the short term due to rising energy prices from the conflict in the Middle East, but described the current policy stance as "well positioned to respond to a range of outcomes."