New York Fed President John Williams on Friday warned that getting back to a 2% inflation 'may well be a bumpy road.'
New York Federal Reserve President John Williams on Friday said it was “absolutely essential for the economy” to bring inflation back down to the central bank’s 2% longer-run goal, but warned it may be a ‘bumpy road’ to get there.
The... New York Federal Reserve President John Williams on Friday said it was “absolutely essential for the economy” to bring inflation back down to the central bank’s 2% longer-run goal, but warned it may be a ‘bumpy road’ to get there. The Fed raised its benchmark interest rate by 75 basis points in June – the largest increase since 1994. Many Fed officials back an identical move at the central bank’s next meeting in less than three weeks. Williams did not address the question in his prepared remarks.
The Fed’s favorite inflation measure, the personal consumption expenditure price index, was running at a 6.3% rate in May, well above the Fed’s 2% target.
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