Fed’s Williams Says Size of September Rate Hike Hinges on ‘Totality’ of Data

Federal Reserve Bank of New York President John Williams said the US central bank needs to raise interest rates to levels that cool inflation, but declined to say how much he wanted to raise interest rates next month.

“We need to have somewhat restrictive policy to slow demand and we’re not there yet,” Williams said Tuesday during a virtual event hosted by the Wall Street Journal. The size of the move at the Fed’s move at its Sept. 20-21 meeting will depend on the “totality” of the data, he said, echoing Chair Jerome Powell’s comment last week.