Federal Reserve Bank of New York President John Williams:
"Our job is clear: our job is to make sure we restore price stability, which is truly the foundation of a strong economy,"
- 2% inflation is a foundational target
- price stability is an absolute imperative
- Fed is absolutely committed to getting inflation back to 2% over the next few years
- while goods' prices have come down in the last several months there are signs not as quickly as hoped
- we have demand exceeding supply, the labour market is extraordinarily strong
- monetary policy must bring demand and supply back into balance
- don't want to allow inflation expectations anchor to slip
Fed's Williams from the NY Fed
Williams has a vote on the Federal Open Market Committee (FOMC), the President of the NY Fed has a permanent vote on the FOMC.
He also acts as Vice Chair of the committee - Powell is the Chair