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:
- Fed's Williams: Our work to bring inflation back to 2% is not done
- The USD is tilting modestly higher after William's comments
more to come