Williams – Tremendous Progress Toward Balance, But Not Over Yet

NY Fed’s Williams (voter) in a speech to the FHLBNY doesn't directly refer to yesterday's stronger than expected CPI release but could well be asked on it in Q&A.

• “All in all, there has been tremendous progress toward better balance. But this episode is not yet over, and I am still very focused on ensuring we achieve both of our goals.
• “I expect inflation to continue its gradual return to 2 percent, although there will likely be bumps along the way, as we’ve seen in some recent inflation readings. I expect overall PCE inflation to be 2-1/4 to 2-1/2 percent this year, before moving closer to 2 percent next year.”
• “Given the progress we have seen, the risks to achieving our maximum employment and price stability goals are moving into better balance."