MNI BRIEF: Williams Says Fed Could Cut Rates In 2024

New York Fed President John Williams said Monday his baseline view is that interest rates will rise further from where they are today and will likely not be brought down until 2024.

"When I think about the future path, I do see a point, probably in 2024, that we'll start bringing down nominal interest rates because inflation is coming down and and we would want to have real interest rates appropriately positioned based on where the economy is," he said in Q&A after a speech to the Economic Club of New York. (See: MNI INTERVIEW:US Inflation Likely At Turning Point-SF Fed Econ)

"At some point nominal interest rates will have to come down, otherwise real interest rates will be going up and that would just be tightening policy further and further in terms of its effects on the economy," he said.