Fed’s Jefferson Says Economy Is Resilient and Expanding Despite Tariff Uncertainty

Federal Reserve Vice Chair Philip Jefferson said the U.S. economy remains strong but warned that trade policy could cloud the outlook.

A woman in Manhattan's Financial District near the New York Stock Exchange on March 19, 2025. Spencer Platt/Getty Images

Federal Reserve Vice Chair Philip Jefferson said on May 13 that the U.S. economy remains resilient despite uncertainty from recent trade and fiscal policies.

Speaking on May 13 at the Federal Reserve Bank of New York’s annual conference for directors and advisers, Jefferson acknowledged that while economic growth has slowed and business sentiment has declined, underlying demand and employment trends suggest continued expansion.