Fed's Williams
NY Fed President Williams is a speaking and says:
- Monetary policy is having the desired effects on the economy
- Fed is at or near peak for federal funds rate.
- Fed will need restrictive policy stance for some time to achieve goals.
- Sees inflation ebbing to 3.25% this year, heading to 2% in 2025.
- Future is uncertain, data will drive future policy choices.
- Will still take a while for full monetary policy tightening to affect economy
- Unemployment to rise just over 4% next year.
- GDP should moderate next year to about 1.25%.
- Inflation is still too high, price stability essential for economy.
- Job market strong, current unemployment rate matches long term trend.
- Job market moving into better balance.
- See sample signs at inflation pressures are waning
