John Williams, president of the Federal Reserve Bank of New York, said interest rates should be maintained with a "restrictive stance for quite some time" to bring inflation back to the 2% target.
"Inflation surged to a 40-year high of just over 7%in June of last year. Since then, we have seen the inflation rate fall to 3 percent," Williams said in prepared remarks for an event Thursday. "This is a significant and welcome decline. Nonetheless, inflation is still too high."
