Williams is the president of the New York Fed. As such he has a permanent voting seat on the FOMC.

  • important to understand that the dynamics of inflation are complicated
  • says he sees CPI this year at around 3.75%, there is a lot of uncertainty around the outlook for inflation
  • expects to have inflation back at 2% by 2025
  • the stability of the unemployment rate has been a striking development, expects the jobless rate to gradually rise to 4 - 4.5%
  • sees rent-related inflation pressures coming down sharply
  • core services excluding housing have been very persistent
  • Market policy expectations are tricky to measure
  • Doesn't worry if market view on rates is different than Fed's view
  • Happy to see market rate expectations are reactive to data
  • Rate rises by the Fed were not driver of trouble at banks sparking recent stresses
  • Haven't seen clear signs of a credit tightening
Williams

Williams is participating in a moderated discussion organized by the Economics Review at NYU.