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MNI: Fed's Williams Warns Broad Inflation Could Prove Sticky

(MNI) WASHINGTON

New York Fed President anticipates unemployment to rise to around 4.5% by the end of next year.

New York Fed President John Williams said on Monday tighter monetary policy has begun to cool demand and reduce inflationary pressures but the job is not yet done, adding lower commodity prices and receding supply-chain issues will not be enough by themselves to bring inflation back to the central bank's 2% inflation target.

Downgrading his view of the outlook, the New York Fed chief said he expects real GDP to be close to flat this year and to grow modestly in 2023 and anticipates the unemployment rate will rise to around 4.5% by the end of 2023 from 3.7% today.

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New York Fed President John Williams said on Monday tighter monetary policy has begun to cool demand and reduce inflationary pressures but the job is not yet done, adding lower commodity prices and receding supply-chain issues will not be enough by themselves to bring inflation back to the central bank's 2% inflation target.

Downgrading his view of the outlook, the New York Fed chief said he expects real GDP to be close to flat this year and to grow modestly in 2023 and anticipates the unemployment rate will rise to around 4.5% by the end of 2023 from 3.7% today.

Keep reading...Show less