Federal Reserve (Fed) Vice Chair Philip N. Jefferson stated on Monday that he will take into account the recent rise in bond yields when evaluating th
e future direction of monetary policy. Speaking at the 65th Annual Meeting of the National Association for Business Economics in Dallas, Texas, Jefferson acknowledged the potential delayed impact of previous interest rate increases when determining the necessity for additional policy tightening. He anticipates a further moderation in core consumer inflation and a gradual improvement in labor market conditions.
” “Real long-term Treasury yields have risen recently. In part, the upward movement in real yields may reflect investors' assessment that the underlying momentum of the economy is stronger than previously recognized and, as a result, a restrictive stance of monetary policy may be needed for longer than previously thought in order to return inflation to 2 percent.
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