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MNI: Williams Says Fed Rates Are Well-Positioned

FED
  • New York Fed President John Williams on Thursday said he expects inflation to moderate in the second half of this year and repeated the FOMC's promise in May that officials would not cut interest rates until they have gained greater confidence that inflation is moving sustainably toward 2%.
  • "I see the current stance of monetary policy as being well positioned to continue the progress we’ve made toward achieving our objectives," said Williams in prepared remarks. "It goes without saying that the outlook is uncertain. The risks are two-sided, with geopolitical events and China’s growth outlook prominent examples."
  • Williams said monetary policy is restrictive when considered in a broader context, rather than simply "looking at the growth rate of the economy, or comparing the interest rate to its longer-run level or r-star."
  • "The behavior of the economy over the past year provides ample evidence that monetary policy is restrictive in a way that helps us achieve our goals," he said. "We are seeing clear and consistent signs that the imbalances between supply and demand in the economy are receding. And we have seen a broad-based decline in inflation."
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