Another Fed official, Phil Jefferson, entertains higher rates later this year, while taking care not to endorse a July hike. The current policy rate “should continue to support the labor market while allowing inflation to resume its decline toward our 2 percent target as the effects of past tariffs and energy prices pass through completely. That said, in a scenario where actual inflation does not start to cool down soon, I believe that it could be appropriate to reconsider our current policy stance.” “Fortunately, our current policy stance leaves us well positioned…”(Nick Timiraos)