Fed's Williams (voter) says Fed independence delivers better economic outcomes, and not time to worry about Fed independence with staff focused on the mission, adds context matters for inflation given persistence above target

Says:

• Tariffs have mostly worked their way through the economy, and the labour market is not adding to inflation pressures.
• Not surprised to see near-term inflation expectations rise.
• Seeing pretty stable longer-term inflation expectations.
• There are emerging issues with supply chain pressures.
• We are not seeing signs of problems with inflation expectations.
• We should see stabilization, decline in goods prices.
• A lot of uncertainty around energy price outlook.
• Job market is not "hot" but also not slowing dramatically.
• Monetary policy is mildly restrictive and he doesn't see any reason to hike or cut rates right now, while he understands why markets are optimistic about the future of the economy.