MNI POLICY: Fed Williams Sees Healthy Economy, Infl Near Goal

By Jean Yung

     WASHINGTON (MNI) - Federal Reserve Bank of New York President John Williams

on Thursday expressed optimism about the state of the U.S. economy as a whole

but said the Fed had more work to do to ensure growth benefits everyone. 

     "We're closing in on the longest economic expansion on record, unemployment

is at historically low levels, and inflation is close to our 2 percent target.

From a pure monetary policy perspective, this is a healthy economy," he said in

opening remarks prepared for a housing development conference in New York, N.Y.

     However, the type of growth in New York City has disproportionately

benefited highly skilled workers, which has in turn driven up housing prices and

displaced less wealthy communities, he said.

     While the Fed's dual mandate is broad, it also prioritizes community

outreach by arming organizations with data and research, connecting stakeholders

and act as a catalyst for initiatives to help tackle some of the challenges

associated with gentrification, inequitable growth and affordable housing, he

added.

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com