NEW YORK, May 30 - Federal Reserve Bank of New York President John Williams said Thursday the current setting of monetary policy is in the right place to help inflation get back to 2%, in remarks that gave no hints of when he thinks the central bank might be able to cut the cost of short-term borrowing.
“I see the current stance of monetary policy as being well positioned to continue the progress we’ve made toward achieving our objectives,” Williams said. He added Fed policy makers “will continue to keep an eye on the totality of the data, so that we make policy decisions that ensure that we get inflation sustainably back to 2 percent while maintaining a strong labor market.”
At the meeting officials are widely expected to maintain their overnight interest rate target range at between 5.25% and 5.5%. They’re also scheduled to update their forecasts on the economy and monetary policy. In his remarks, Williams said inflation remains too high and its performance over the start of the year has been disappointing. But he expects to see price pressures ease further over the second half of the year amid a better balancing of the economy.
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