Fed's Williams: Fed is cooling inflation but underlying pressures still strong

• Sees signs global supply chains are easing
• Inflation likely down to 3% by next year
• Labor demand still outstripping supply
• Likely to see nearly flat GDP this year
• Fed will do what is needed to lower inflation
• Inflation remains too high, the Fed's job isn't done

There's no sign of a pivot here. This is in-line with what Powell has been saying, which isn't a surprise from the NY Fed leader.