Central Banks
Williams Says Fed Policy Not Restrictive, Still Has Ways to Go
- Pace of rate hikes ‘will depend on the data,’ Williams says
- New York Fed chief watching market functioning very carefully
John Williams
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Federal Reserve Bank of New York President John Williams said the US central bank has yet to raise interest rates to levels that are restricting economic growth, and tightening still has “significant” ways to go.
Monetary policy “is not yet in a restrictive place for growth,” Williams told reporters Monday after a speech in Phoenix. “My view is we still have a significant ways to go,” he said, pointing to projections showing Fed officials expected to raise their benchmark interest rate to 4.6% by the end of next year, from its current level just above 3%.