Federal Reserve Vice Chair of Supervision Philip Jefferson said Thursday evening that he expects the war in Iran will push up inflation in the near term and that interest rates are "well-positioned" to respond to a range of economic outcomes. “At least in the short term, I expect overall inflation to move higher, reflecting a rise in energy prices stemming from the conflict in the Middle East," Jefferson said in a speech in Dallas. “Looking ahead, I believe that the current policy stance leaves us well-positioned to determine the extent and timing of additional adjustments to our policy rate." Jefferson is closely ... (full story)