FILE - Philip Jefferson, then-nominee to be a member of the Federal Reserve Board of Governors, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Feb. 3, 2022, in Washington. Jefferson, now Federal Reserve Vice Chair, suggested Tuesday, April 16, 2024, that the central bank's key rate may have to remain at its peak for a while to bring down persistently elevated inflation. (Ken Cedeno/Pool via AP, File)