Fed policy on right track, but inflation still too high, officials say

Fed Chair Jerome Powell signaled the central bank may pause further rate hikes as it assesses the impact of its past tightening, as well as the effect of recent bank sector stress on lending and credit. Jefferson on Friday said he feels "the full effects of our rapid tightening are still likely ahead of us," and his current view is that the string of regional bank failures probably will have only a mild tightening effect on credit conditions. He did not give his views on a possible pause.