Reported about 1 year ago
New York Fed Bank President John Williams stated that although the Federal Reserve has made progress in lowering inflation towards the 2% target rate, they are still a ways off from reaching it. In May, inflation was at a 2.6% annual rate, down from the pandemic peak of 7.1%. The Fed has maintained its benchmark interest rate at 5.25%-5.50% since last July to curb price increases. While Fed policymakers are more optimistic about easing price pressures, Williams emphasized that economic data will guide future monetary policy decisions, acknowledging the ongoing uncertainty in the economic landscape.
Source: YAHOO