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Fed's Williams pushes back hitting 2% inflation target from 2027 to 2028

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Fed's Williams pushes back hitting 2% inflation target from 2027 to 2028

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  • Reiterates monetary policy ‘well positioned’ for current economy.
  • Expects inflation to moderate to 3.5% this year.
  • If Middle East war disruptions resolved soon, will lower inflation pressure.
  • Expects inflation pressures to moderate.
  • Thus far US has been resilient against war economic impact
  • ‘Imperative’ Fed get inflation back to 2% target.
  • Sees US growing at 2.25%, unemployment down to 4% in 2028.
  • Standing Repo operations key tool to cap interest rate pressure.
  • Fed will adjust reserve management buying as needed.
  • Middle East war continues to contribute risks and uncertainties.
  • Job market has proved to be resilient
  • "In coming quarters, however, I expect inflation readings to edge down" for several reasons: 
    • First, tariff effects "appear to have mostly played out." 
    • Second, a base case is that Hormuz related supply disruptions "are resolved relatively soon. 
    • "Third, housing inflation should continue to slow. 
    • Fourth, there's no evidence of labor-market driven price pressures.

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