Policy
Fed's Jefferson Says Inflation Has Been 'Too High for Too Long' but Will Not Commit to Another Increase
The vice chair put headline PCE inflation at 3.4% in August and called 4.1% unemployment near maximum employment, as traders cut the odds of an October hike to roughly a quarter.
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By Marcus Elrod
Oct 3, 2026 · 2 min read
Federal Reserve Vice Chair Philip Jefferson used a speech at the University of Virginia's Darden School of Business on Oct. 1 to restate the case that inflation remains the central bank's binding problem, without committing to a further rate increase — a position that overnight wire coverage and rate markets spent the night digesting.
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Marcus Elrod
Marcus tracks positioning, flows and rates. He writes CI's weekly market internals column.
Marcus Elrod writes for Corporate Insider Inc.