MNI BRIEF: Fed's Williams Supports Series of Rate Hikes

New York Federal Reserve President John Williams Thursday said he still sees the need to begin tightening monetary conditions with a series of rate hikes this year and next year toward neutral levels.

"I would say that the first one should happen the next meeting in March, but continue our path of steadily moving the funds rate back to more normal levels," he said at a Council for Economic Education event, emphasizing that balance sheet reduction would also be part of the monetary tightening process.

Before Russia's invasion of Ukraine when Williams last spoke, he said he saw interest rates moving to neutral by the end of next year.