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Free AccessMNI POLICY: Williams Says Fed's Dual Goals Are Still Far Away
New York Federal Reserve President John Williams said Monday that signs the current economic recovery could be the fastest since the early 1980s still aren't sufficient to consider pulling back on monetary stimulus.
"It's clear there is a big shift in the economy, and the outlook has improved," said Williams in prepared remarks. "But let me emphasize that the data and conditions we are seeing now are not nearly enough for the FOMC to shift its monetary policy stance."
"We are still far from our goals of maximum employment and price stability," he said. Expectations are for robust growth this year with inflation to run somewhat above the 2% longer-run goal for the remainder of this year, he said. "It's important not to overreact to this volatility in prices," as inflation will come back down to about 2% next year, he said.
And while Williams is "hopeful that we will see very strong job gains over coming months as the economy continues to reopen," there are about 8.5 million jobs fewer than before the pandemic, and "we will need big jobs numbers for some time to fully get the country back to work."
The New York Fed chief also said in a speech to the Women in Housing and Finance 2021 Annual Symposium that the weaker global economy is another reason a complete U.S. recovery will take time to achieve.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.