Federal Reserve Bank of New York President John Williams:

  • Fed in ‘good place,’ has time to think about what’s next for rates
  • Fed policy is still quite restrictive
  • ‘eventually’ fed needs to get policy back to more neutral levels
  • Not surprised to see some money market rate volatility
  • Money market volatility has not affected fed funds rate
  • Demand for reserves likely higher now relative to past
  • Fed needs to think this year about balance sheet end game
  • Not caught up in every twist of financial market shift
  • Financial markets highly reactive to new data

Williams spoke earlier:

more to come

Fed's Williams
Fed's Williams