09:47 AM EDT, 05/13/2024 (MT Newswires) -- Considering the slowdown in the progress of inflation reduction, the policy rate should remain in the current restrictive territory, Federal Reserve Vice Chair Philip Jefferson said Monday in a live conversation with Cleveland Fed President Loretta Mester.

Jefferson said that the economy is in a "solid position" with job growth, but the progress on inflation has slowed and remains "a source of concern."

"My view is that in light of the attenuation in progress in terms of getting inflation down to our target, it is appropriate that we maintain the policy rate in restrictive territory, which it is right now, and that we continue to look for additional evidence that inflation is going to return to our 2% target," Jefferson said. "Until we have that, I think it is appropriate to keep the policy rate in restrictive territory."