The president of the New York Federal Reserve and member of the FOMC, John Williams, said on Tuesday that the central bank needs to be data-dependent and adjust its actions as circumstances warrant, Reuters reported. The Fed will move expeditiously to bring the Fed Funds target to more normal levels this year, he said, echoing Fed Chairman Jerome Powell’s message at the FOMC’s post-meeting press conference last week. pass.
Williams explained that the war and the pandemic they have generated great uncertainty and more complexities; in addition to exacerbating short-term inflationary pressures and global economic uncertainty.
“We have a hot job market“said the Fed official. He said he was determined and focused on restoring price stability. “I am confident that the Fed has the right tools to achieve our dual mandate goals.”
In his projections, Williams sees core PCE inflation at nearly 4% by 2022, then falling to around 2.5% next year. Regarding the GDP, he expects a growth of 2% for this year and that the unemployment rate remains at the current level.
Source: Fx Street
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