#FED He would never explain this much. When the banks started to fail, when the situation in the country started to get into trouble, then the explanations started to come one after another.

Fed member Jefferson:

•Inflation is still high, but the impact of interest rates has not been fully felt yet.

•There is no recession in the fundamental outlook. However, growth has slowed significantly.

•We expect employment growth to decline and the unemployment rate to increase.

•We will consider all factors when deciding what is appropriate for monetary policy.