Fed's Jefferson: Rising Energy Prices Could Boost Costs Elsewhere

On March 27th, Federal Reserve Vice Chair Philip Jefferson stated that rising energy prices could push up costs in other economic sectors, but the increases have so far remained within manageable limits. In prepared remarks for a speech at the Dallas Fed on Thursday, Jefferson said, “The increase in U.S. energy prices at this time should have relatively small effects on inflation, although consumers are feeling the higher prices at the pump.” He added, “Sustained higher energy prices could put upward pressure on the prices of many other products.” “As policymakers, I will be closely watching to see if these cost increases are reflected in the prices across the entire economy,” he said. (Zhitong Finance)