Fed's Williams: Inflation target 'critical' for achieving stable prices

PALO ALTO, California - New York Federal Reserve Bank President John Williams on Friday said he believes the U.S. central bank's 2% target for inflation is "critical" to its efforts to achieve price stability.

The Fed has been battling too-high inflation for more than two years, raising interest rates from near zero in March 2022 by more than five full percentage points, an aggressive pace not seen in 40 years. "The future is uncertain," Williams said in his prepared remarks. "But as we continue to move closer to our 2% longer-run inflation goal, I’m confident that we have the foundation of theory and experience to guide us in restoring price stability and set the stage for sustained economic prosperity. We are committed to getting the job done."

Williams did not offer any updated views on whether or when the Fed should begin cutting interest rates. Fed policymakers have signaled they won't cut rates until they are more confident inflation is headed sustainably to the Fed's goal.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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