The comments come amid rampant speculation about the Fed's next move, but Williams did not address monetary policy in specifics.
New York Fed President John Williams said low inflation is a "pressing problem" in developed economies.
John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York, March 6, 2019.called on Thursday for central banks to change their strategy to combat low inflation, which he labeled "a symptom of deeper problems affecting advanced economies." The Fed considers 2% a healthy level of inflation, but it has been unable to consistently meet that goal throughout an economic recovery that is nearing the longest on record. Markets lately have been betting that the Fed will begin cutting rates later this year, as many as three times, in part because inflation has remained so low.
With those factors likely to persist, he called on the Fed and its global counterparts to change their approach to monetary policy.
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