MNI BRIEF: Williams Says Fed Unwinding Accommodative Policies

Federal Reserve Bank of New York President John Williams said Friday the COVID-19 pandemic and the war in Ukraine have only underscored the importance of active dialogue and transparency as central banks move to raise interest rates in an uncertain environment.

"Across the globe, many central banks — including the Federal Reserve — are moving to unwind the highly accommodative policies they put in place at the start of the pandemic. And we are doing this at a time when the economic implications of COVID-19 and the war in Ukraine remain highly uncertain," said Williams, the vice chair of the FOMC.

William's remarks were prepared for a Central Reserve Bank of Peru and Bank for International Settlements webinar and he did not comment on the potential for supersizing Fed rate increases or provide a view of the economic outlook.