Vice President Jefferson’s Speech on Global Economic Developments and the American Economy

May 27, 2026

Global economic developments and the American economy

Vice President Philip N. Jefferson

At the 2026 Bank of Japan and Institute for Monetary and Economic Studies Conference, Tokyo, Japan

Good morning. It is an honor to be here at the Bank of Japan, and I appreciate the opportunity to speak with you today.1 I look forward to our discussion, but first I want to share some general thoughts. I will briefly discuss three developments in the global economy that I am monitoring, and then provide my outlook on the U.S. economy and the direction of monetary policy.

The first global development I am monitoring is the significant increase in energy prices due to the conflict in the Middle East. Rising crude oil prices pose downside risks to growth and upside risks to inflation around the world. High energy prices pose a particularly difficult challenge for countries like Japan that are net energy importers. Although being a net exporter of energy protects the United States to some extent from energy shocks, it is not immune to the effects of a disruption in global supplies. Gasoline prices in the United States have increased significantly since the start of the conflict and remain particularly high. I’m watching to see if rising energy prices will start to weigh on consumer spending.

The second development concerns the rapid advances in artificial intelligence (AI) technology. As a central banker, I am optimistic about AI’s promise to boost productivity and growth, although I also monitor its effects on the labor market and inflation.

And the third development concerns the effects of the disruption of trade flows on the global economy. Since the pandemic, global trade has experienced multiple disruptions that have affected both supply and price levels.

In this global context, my attention is of course focused on the American economy. Recent economic growth in the United States has been strong, although I expect a more modest pace of growth this year as households face high energy costs. The U.S. labor market is generally stable, with relatively low levels of hiring and firing. I view the risks to the labor market as somewhat tilted to the downside. Disinflation in the United States came to a halt in the previous year, largely due to rising tariffs. In recent months, inflation has increased significantly due to rising energy costs. I expect inflation to decline later this year as the effects of tariffs and the energy shock fade, but I view the risks to my inflation outlook as tilted to the upside.

I am firmly committed to returning inflation to the Federal Open Market Committee’s (FOMC) 2% target, aligned with our dual mandate goals of price stability and maximum employment entrusted to us by Congress. At our last meeting in late April, the FOMC decided to keep the target range for the federal funds rate between 3 1/2 and 3 3/4 percent. I believe this policy direction puts us in a good position to respond to economic developments based on available data, changing outlooks and the balance of risks. I have not prejudged the next meeting and look forward to discussing with my colleagues the policy needed to best achieve our dual mandate objectives.

Thank you again for the opportunity to speak with you today. I look forward to our discussion.

1. The opinions expressed here are my own and are not necessarily those of my colleagues at the Federal Reserve or the Federal Open Market Committee. Return to text

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos