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MNI BRIEF: Fed Stance Only 'Slightly Restrictive' - Williams

(MNI) WASHINGTON
USPolicy NewsCentral Bank NewsHomepageFederal ReserveBriefStoryRegionNorth America

The Federal Reserve has so far only raised the fed funds rate to a more normal or slightly restrictive stance after raising rates by about 475 basis points in the last year, New York Fed chief John Williams said Friday.

"Of course, what we're really doing is we're not making so much tight monetary policy. We used to have very low interest rates which was supporting the economic recovery," he said in Q&A after delivering a speech in Connecticut. "So far, mostly what we've done is brought interest rates back to a more normal, slightly restrictive stance."

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The Federal Reserve has so far only raised the fed funds rate to a more normal or slightly restrictive stance after raising rates by about 475 basis points in the last year, New York Fed chief John Williams said Friday.

"Of course, what we're really doing is we're not making so much tight monetary policy. We used to have very low interest rates which was supporting the economic recovery," he said in Q&A after delivering a speech in Connecticut. "So far, mostly what we've done is brought interest rates back to a more normal, slightly restrictive stance."