Fed's Jefferson: Rates May Stay High If Inflation Proves Persistent

Fed Vice Chair Jefferson indicates rates may stay high if inflation persists, though his baseline is that rates can be steady and inflation will fall
March data expected to show inflation remains elevated at 2.7% annually
Jefferson ready to keep restrictive policy in place longer if inflation proves more persistent
Investors have marked down likelihood of Fed rate cuts this year as resilient economic data challenges Fed's inflation outlook
Various Fed officials reluctant to declare victory on inflation until more evidence price increases moderating closer to 2% target