Federal Reserve Bank of New York President John Williams said it’s critical the U.S. central bank remain committed to its 2% inflation goal, and emphasized monetary policy must bring supply and demand into better balance to lower inflation.
“At the end of the day our job is clear,” Williams said Wednesday at a conference held at the New York Fed. “Our job is to make sure that we restore price stability which is truly the foundation of a strong economy.”
Fed officials have been indicating that interest rates may need to move higher than previously thought following upside inflation and labor market surprises this month.
