![NY Fed Pres. Williams](https://images.forexlive.com/images/NY%20Fed%20Pres.%20Williams_id_83c95cf4-2b2a-45c2-b0a0-0a5af986dd93_size900.jpg)
- Eventually will need to cut rates
- Fed rate hike not part of baseline view for the outlook
- Fed policy making progress working out economic imbalances
- Core services ex-housing inflation falling faster than expected
- No need to change monetary policy in the very near term
- Shelter inflation slower to come down than expected
- Recent inflation setbacks are not a surprise to the Fed
These comments are more dovish than I would have expected.