Federal Reserve (Fed) Vice President and Board of Governors member Phillip Jefferson acknowledged that ongoing risks to both sides of the Fed's policy mandates are seeing growing risks. Both sides of the mandate are under stress, with inflation above target and downside risks to employment increasing. Tariffs are showing through in higher inflation for some goods, but expect disinflation to resume next year. Fed's job is to be sure that the adjustment of tariffs does not translate into persistent inflation. The Fed will hit its 2% inflation target.