Comments from the Fed's Jefferson • Household balance sheets have weakened, over time they will normalize and be less of a factor in driving consumption • Labor market seems to be rebalancing in a way that is allowing lower inflation without unemployment • Recent rise in productivity suggests supply side healing form the pandemic • Perhaps potential GDP growth has risen • Will be looking at the totality of data in making rate cut call, wants to see evidence that inflation is 'sustainably' headed to target. (full story)