NY Fed President John Williams affirms progress in controlling inflation but maintains reaching the 2% target is still in the future.
New York Fed President John Williams acknowledged progress in controlling inflation but stated that reaching the 2% target is still a way off. Inflation in May was at a 2.6% annual rate, down from the 7.1% pandemic peak. The Fed will continue to be guided by economic data and maintain its interest rate in the 5.25-5.50% range to slow price increases. Despite growing confidence that price pressures are easing, more time is needed to achieve the 2% inflation target on a sustained basis.
July 05, 2024
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