According to online reports, Federal Reserve Vice Chairman Philip Jefferson said that the Fed's goals of maintaining price stability and achieving full employment will help promote liquidity in the U.S. economy. "In a tight labor market, when individuals move to higher positions, jobs are made available for newcomers or less-educated workers," Jefferson said on Tuesday in a speech prepared for the Economic Mobility Summit hosted by the Philadelphia Federal Reserve. The remarks came as Fed officials began to refocus on inflation risks, and the Trump administration's ongoing dispute with U.S. trading partners could drive up inflation by raising the prices of thousands of imported goods. Jefferson said a tightening labor market could also improve income inequality by raising wages for low-income groups. He said price stability was crucial to sustaining such progress. "Low and stable inflation ensures that the nominal wage growth I just mentioned is not eroded on a real level, and that necessities remain affordable," he said.