Federal Reserve Vice Chair Phillip Jefferson said on Monday that the U.S. economy has made a lot of progress and he views the economy as in a solid position.
The official, however, noted that the decline in inflation has attenuated, and acknowledged that inflation is a source of concern. He added that he focuses even more on inflation given the broader strength.
Jefferson also said that, in his opinion, it is appropriate that the Fed maintains a policy rate in restrictive territory. In addition, he stressed that it is important to look for more evidence that inflation is abating.
Also, the Fed's vice chair expressed the view that it is appropriate to keep the policy rate restrictive until clear inflation is ebbing.