Fed’s Jefferson says inflation is U.S. central bank’s most worrisome problem Inflation is the most serious problem facing the Federal Reserve and “may take some time” to address, Fed Governor Philip Jefferson said on Tuesday in his first public remarks since joining the U.S. central bank’s governing body.
“Restoring price stability may take some time and will likely result in a period of below-trend growth,” Jefferson told a conference in Atlanta, joining the current Fed consensus for continued interest rate increases to battle price pressures.
“I want to assure you that my colleagues and I are resolute that we will bring inflation back down to 2% ... We are committed to taking the further steps necessary.” Monetary policy that stabilizes inflation “can produce long-term, noninflationary economic expansions ... that economic history suggests is an ideal framework or environment for inclusive growth,” Jefferson said. “So, it is important that we get back to that kind of economy. And that is what I think the intent of the Fed is.” Fed Chair Jerome Powell has admitted that the central bank’s intent to slow economic growth will cause economic “pain” and likely increased unemployment, but that the worst outcome would be to let inflation take root.
In his remarks, Jefferson said there are reasons to think rigid conditions in the labor market are already easing. Indeed new data on Tuesday showed a severe decrease in job openings in August that began to bring the number of workers sought by companies more in line with the numbers of unemployed.
That could help reduce salary growth, Jefferson said, and there were indications as well that “supply bottlenecks have, finally, begun to resolve,” and could also help slow down price increases.
But it remains uncertain how that will work, and in the meantime “inflation remains elevated, and this is the problem that concerns me most,” Jefferson said. “Inflation creates economic burdens for households and businesses, and everyone feels its effects.”
Available at: https://www.reuters.com/markets/us/feds-jefferson- first-remarks-calls-i nflation-most-concerning-problem- 2022-10-04/. Retrieved on: Oct 4, 2022. Adapted.
In the section of paragraph “it remains uncertain how that will work, and in the meantime inflation remains elevated”, the expression in the meantime is synonymous with
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Alternativa correta: A expressão "in the meantime" é sinônimo de "for now", pois ambas indicam um período de tempo atual ou presente em que algo está acontecendo ou sendo considerado, enquanto outras condições estão em desenvolvimento. Neste contexto, Jefferson está dizendo que, apesar das incertezas sobre como a situação irá se desenrolar, a inflação ainda está elevada no presente momento.
Alternativas incorretas:
A: "In the past" refere-se a um tempo que já ocorreu, o que é oposto ao significado de "in the meantime", que se relaciona ao presente.
B: "Sometimes" sugere uma ocorrência esporádica, sem relação com um período específico de tempo, ao contrário de "in the meantime", que implica continuidade no presente.
C: "In the future" indica um tempo que ainda está por vir, enquanto "in the meantime" se refere ao que está acontecendo agora.
D: "Always" implica em algo constante, sem considerar a transição de tempos, o que não se aplica ao uso de "in the meantime", que enfatiza um intervalo específico entre dois momentos.
