Central Banks

Fed’s Williams Says Data Supports More Action on Interest Rates

New York Fed chief says next step will depend on economic data
Officials will get jobs, inflation reports before July meeting

WATCH: “Almost all participants judged it appropriate or acceptable to maintain the target range for the federal funds rate at 5% to 5.25%,” minutes from the June 13-14 meeting said.” Mike McKee reports.Source: Bloomberg

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By Jonnelle Marte

July 5, 2023 at 8:48 PM UTC

Updated on

July 5, 2023 at 9:07 PM UTC

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Federal Reserve Bank of New York President John Williams said policymakers’ projections show they think more work is needed on interest rates to get inflation back down to 2%.

“We can take some time and assess and collect more information and then be able to act, knowing that we also communicated through our projections that we don’t think we’re done, based on what we know,” Williams said Wednesday during a discussion held at the New York Fed as part of the annual meeting of the Central Bank Research Association. “And obviously we’re absolutely committed to achieving our 2% inflation goal.”