New York Fed President John Williams said overnight, “with inflation still high and indications of continued supply-demand imbalances, it is clear that monetary policy still has more work to do to bring inflation down to our 2% goal on a sustained basis.”
“Bringing inflation down is likely to require a period of below-trend growth and some softening of labor market conditions,” he added. “Restoring price stability is essential to achieving maximum employment and stable prices over the longer term, and it is critical that we stay the course until the job is done.”
