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Fed's Jefferson Forecasts 2025 Growth Amid Job Market Woes

10/1/2025

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Summary

Story summary

Philip Jefferson, U.S. Federal Reserve Vice Chair, projects 2025 growth at 1.5% and backs a rate cut amid job-market stress.
He cites Trump policy uncertainty—immigration and tariffs—affecting employment and inflation.
Job growth slowed to 29,000 a month; inflation is expected to reach 2% after this year.
Term ends 2027; board seat through 2036; presidential appointment power remains limited.

History

Historical Context

The Tax Cuts and Jobs Act of 2017 aimed to boost the U.S. economy, achieving a 4.1% GDP growth that year. However, it led to increased uncertainty regarding immigration and tariffs, contributing to a slowdown in job growth to 29,000 monthly, as projected by Philip Jefferson. These trends highlight ongoing challenges in stabilizing the job market and fostering sustainable economic growth.

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Story summary

Philip Jefferson, U.S. Federal Reserve Vice Chair, projects 2025 growth at 1.5% and backs a rate cut amid job-market stress.
He cites Trump policy uncertainty—immigration and tariffs—affecting employment and inflation.
Job growth slowed to 29,000 a month; inflation is expected to reach 2% after this year.
Term ends 2027; board seat through 2036; presidential appointment power remains limited.

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