Fed vice-chair says risks to inflation, employment now balanced
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Fed vice-chair Philip Jefferson stated that risks to inflation and employment are now balanced; Jefferson's remarks were made on October 9, 2024, at Davidson College, North Carolina; he noted that inflation risks have diminished while employment risks have risen; the Fed lowered interest rates by 0.5 percentage points last month for the first time since the Covid-19 pandemic; forecasts indicate an additional 50 basis points reduction this year; September jobs report showed 254,000 jobs added, lowering unemployment to 4.1%; Jefferson emphasized the economy is growing solidly despite a cooling labor market; he mentioned the importance of the discount window for banks following recent bank collapses; Jefferson joined the Fed in 2022 after serving at Davidson College.
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