Philip N Jefferson: Navigating economic shocks - a monetary policymaker's perspective
Speech by Mr Philip N Jefferson, Vice Chair of the Board of Governors of the Federal Reserve System, at the Stanford Institute for Economic Policy Research, Stanford University, Stanford, California, 16 July 2026.
Source: BIS Central Bank Speeches
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DW NOTE
Jefferson delivered this speech on July 16. The Strait of Hormuz had been closed for three months. The energy price shock he's "approaching" had already happened — and oil was *falling*, not rising, down 33% from its one-year high despite the closure. That's not uncertainty about a shock's nature. That's a Fed vice chair describing the present tense in the conditional mood while markets price the aftermath.