Federal Reserve · Friday, October 2, 2026
Fed vice chair says inflation is still too high
The File desk · Oct 2, 2026, 10:12 AM UTC
Status
Confirmed (Vice Chair Philip N. Jefferson, Charlottesville, Oct. 1, 2026)
Vice Chair Philip Jefferson spoke in Charlottesville on Oct. 1. He said inflation is too high. It has been above the 2 percent goal for more than five years. He cited August personal consumption expenditures prices, up 3.4 percent from a year earlier, and unemployment of about 4.1 percent. He backed the September increase of a quarter point, which set the target range at 3.75 percent to 4.00 percent. He said future moves depend on the data. The next meeting at which the Fed could change rates is Oct. 27–28.
Vice Chair Philip Jefferson spoke in Charlottesville on Oct. 1, 2026.
He said inflation is too high.
He said it has stood above 2 percent for more than five years.
He cited August personal consumption expenditures prices, up 3.4 percent from a year earlier.
He put unemployment at about 4.1 percent.
He backed the September move, a quarter-point increase.
That increase set the federal funds target range at 3.75 percent to 4.00 percent.
He said the next steps depend on the data.
He did not announce a decision for the October meeting.
The next sitting at which the Federal Reserve could change rates is Oct. 27–28.
What is still unknown or disputed
- Which way he would vote on Oct. 28. He said the choice depends on the data.
Primary sources
Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.
Source 1
Speech by Vice Chair Philip N. Jefferson
Federal Reserve Board · October 1, 2026
Charlottesville, Oct. 1, 2026. Inflation too high and above 2 percent for more than five years. August personal consumption expenditures prices up 3.4 percent from a year earlier. Unemployment about 4.1 percent. Backed the September quarter-point increase to a 3.75–4.00 percent target range. Future moves are data-dependent.
https://www.federalreserve.gov/newsevents/speech/jefferson20261001a.htm