Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank has more rate hikes ahead and sees signs inflationary pressures might be starting to cool off from torrid levels.
“With inflation still high and indications of continued supply-demand imbalances, it is clear that monetary policy still has more work to do to bring inflation down to our 2% goal on a sustained basis,” Williams said in the text of a speech to be delivered before the Fixed Income Analysts Society in New York.
Williams, who also serves as vice-chairman of the Federal Open Market Committee , did not specify in his prepared remarks what size rate increase he would like to see at the next FOMC meeting, scheduled for Jan. 31-Feb. 1. But he did not push back on market expectations that the Fed will lift rates by a quarter percentage point then.
Last year, the Fed moved its short-term interest rate target higher at a historically aggressive pace in a bid to fight the highest inflation seen in decades. It moved from a near zero federal funds rate in March to between 4.25% and 4.5% by year's end. A number of those increases happened in super-sized 75 basis point increments.
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