WASHINGTON, Oct 4 (Reuters) - Stable prices that lead to long economic expansions set the stage for economic gains for the least well off, Federal Reserve Governor Philip Jefferson said on Tuesday.
Monetary policy that stabilizes inflation "can engender long term, noninflationary economic expansions...that economic history suggests is an ideal framework or environment for inclusive growth," Jefferson said. "So, it is important, therefore, that we get back to that kind of economy. And that is what I think the intent of the Fed is." (Reporting by Howard Schneider)