Fed's Williams: Work to bring high inflation under control is not over yet

New York Fed President John Williams said the work to bring high inflation under control was not yet over. New York Fed President John Williams said inflation remained too high and that the U.S. Federal Reserve’s measures aimed at cooling price pressures would inevitably cause some pain for the economy. Speaking to a group of bankers in New York, Williams said the Fed had taken strong steps to bring down inflation over the past year. “While we have seen some moderation in recent months, inflation remains well above 5%,” Williams said. “We have to restore balance to the economy and bring inflation down to 2% in a sustainable way. Our job is not done yet. We will stay the course until we are done.” Williams did not offer a definitive forecast on the Fed’s upcoming rate moves, but said the path it would follow “will probably involve a period of slow growth and some easing in labor market conditions.”