Philip Jefferson, Speech: Opportunity and Inclusive Economic Growth

“Monetary policy cannot address the specific reasons that low-income households suffer the most from high inflation. But these reasons help to illustrate the importance of low inflation: Low inflation is key to achieving a long and sustained expansion—an economy that works for all. Pursuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity. At the same time, it is critical for monetary policymakers to understand the many and varied conditions that can make our policies more effective in fostering prosperity.”