New York Fed President John Williams said yesterday, “Clearly, inflation is far too high, and persistently high inflation undermines the ability of our economy to perform at its full potential. Tighter monetary policy has begun to cool demand and reduce inflationary pressures, but our job is not yet done.”
He expects inflation to ease to 3% next year, and move “close to our 2% goal in the next few years”. “To help rein in demand to levels consistent with supply—and therefore bring inflation down—monetary policy needs to do its job,” Williams said. “The FOMC is taking strong actions toward that end.”
