Fed's Williams says inflation is still to high, Fed will act

Williams is the president of the New York Fed. As such he has a permanent voting seat on the FOMC. Speaking now.

Headlines via Reuters:

• US inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term still 'too high,' Fed will act to lower price pressures
• Tighter credit conditions will weigh on growth
• It will take time to gauge impact of tighter banking condition
• Banking conditions have stabilized, banks stable and resilient
• Likely to take two years to get back to 2% inflation target
• Expects inflation to ease to 3.25% this year
• It will take time for Fed actions to lower inflation
• Expects gradual rise in unemployment rate to 4%-4.5% over next year
• Seeing signs of cooling in still very strong job market
• Inflation moderating, but demand still outstripping supply
• Job market is still quite tight
• Economy expanding at solid pace but growth should moderate