Fed's Williams: We still have a ways to go on interest rates

New York Fed President John Williams said that excessively high inflation requires the Fed to continue raising interest rates. New York Fed President John Williams said that inflation is not embedded in the U.S. economy, but that excessively high inflation requires the Fed to continue raising interest rates. Williams also emphasized that it could take two years for consumer price increases to return to around 2 percent. “I think we still have a ways to go on interest rates to get to the restrictive enough stance that we need to have in monetary policy to reduce price pressures,” Williams told Fox Business Network. Williams said he sees positive signs that inflation is starting to fall, but he also stressed that he has concerns about whether inflation has peaked. “Tight monetary policy continues to be needed to restore economic balance,” Williams said.