NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year.
Williams called policy"well-positioned" and"restrictive" and said it is helping the Fed achieve its goals.Earlier this year, markets had expected aggressive rate cuts from the Fed this year. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November.
For nearly a year, the Fed has been in a holding pattern, keeping its benchmark borrowing rate in a range between 5.25%-5.5%, the highest in more than 23 years.The Fed is seeking to keep the labor market strong and bring inflation back to its 2% target. Most inflation indicators are near 3% now; a key reading from the Commerce Department is due Friday.
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