Fed's Jefferson (voter) says inflation has resulted from a cascade of shocks; longer-term inflation expectations show Fed credible on getting inflation down; Fed has to be prepared to needed work to validate inflation expectations

Fed is firmly committed to return inflation to 2% in a timely manner. Economy quite close to maximum employment. Fed has more space to focus on inflation mandate right now. There is great wisdom in the Fed's dual mandate. Possible that AI will power big productivity gains down the road.