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Williams: Inflation and employment numbers still far from the Fed's targets

4 May 2021 01:23 PM

John Williams, President of the Federal Reserve Bank of New York, said yesterday that while the US economy is likely to have a very strong year, there is still no imminent need for the Federal Reserve to roll back its strong levels of monetary policy support.

Specifically, he said, " The economy is now positioned to grow quickly, and with accommodative financial conditions, strong fiscal support, and widespread vaccinations, I expect that the rate of economic growth this year will be the fastest that we’ve experienced since the early 1980s,"

He added, " We are still far from our goals of maximum employment and price stability, let me emphasize that the data and conditions we are seeing now are not nearly enough for the FOMC to shift its monetary policy stance."

Mr. Williams' comments were his first public statements since last week's FOMC meeting, where the bank kept interest rates unchanged near to zero, these levels were set a year ago, and kept bonds buying worth $ 120 billion a month. In a statement announcing the status quo outcome, the Fed presented a view that showed increased confidence in expectations that also indicated a possible temporary spike in inflation.

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