Little progress has been made in curbing too high inflation, Fed's Jefferson says

Federal Reserve governor Philip Jefferson says inflation remains too high and there has been “little progress” made toward bringing it down to the central bank’s 2% target. It's a pessimistic assessment given signs in a report this week that inflation might be slowing. Jefferson, who was nominated by President Joe Biden early Friday to the position of Fed vice chair, also said in a speech at the Hoover Institution that the turmoil in the U.S. financial system following the failure of three large banks will likely have only a limited impact on the economy.