New York Federal Reserve President John Williams expects inflation to remain elevated in 2024, signaling that interest rates may remain high for 'some time.'
Jerome Powell, Federal Reserve chair, right, Lael Brainard, vice chair of the Federal Reserve, and John Williams, president and CEO of the Federal Reserve Bank of New York, attend the Jackson Hole Economic Symposium in Moran, Wyoming, Aug. 26, 2022.
Traders widely expect the Fed to approve a smaller half-point rate hike at the conclusion of its next two-day meeting on Dec. 14, although 32% still anticipate another super-sized, 75-basis-point increase.Inflation using the Fed's preferred measurement, the personal consumption expenditures price index,Federal Reserve Chairman Jerome Powell arrives at a news conference in Washington, D.C., on Sept 21, 2022.
Williams said he expects inflation to settle between 5% and 5.5% by the end of the year and between 3% and 3.5% next year. The Fed's target is 2%.
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