The Federal Reserve is unlikely to bring interest rates down this year if inflation comes in as expected, New York Fed President John Williams said Tuesday.

"I do not see in my baseline forecast any reason to cut interest rates this year," he said in Q&A at the Economic Club of New York. Credit tightening means "we don't need as high interest rates," he said, but "I don't necessarily see it completely knocking the economy down."

"At some point further out in the future, of course, if my forecast comes true and inflation is moving back to 2% and the economy is performing as expected, then of course at some point we do need to move interest rates back to more normal levels but I don't see that happening this year," he added.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

US Central Bank News Policy News Homepage Federal Reserve Brief Story Region North America

Evan Ryser

Evan covers the Federal Reserve and the US economy for MNI from Washington D.C.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

US Central Bank News Policy News Homepage Federal Reserve Brief Story Region North America

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MNI BRIEF: Fed's Williams Sees No Reason To Cut Rate This Year