PRIMER - Today’s Fedspeak includes NY Fed’s Williams

17:50BST/12:50EDT: Fed’s Williams (voter, neutral) is due to deliver keynote remarks. Williams’ view of the FOMC easing bias will be in focus after last week’s confab revealed that three voting officials (Kashkari, Hammack, Logan) and some non-voters objected to language that implied the next rate move would be a cut, arguing such forward guidance was inappropriate given economic uncertainty. Speaking a fortnight ago, before the April FOMC, Williams said monetary policy is currently well positioned and modestly restrictive, adding that now is not the right time for firm forward guidance. He forecast 2026 growth of 2-2.5% (vs a median forecast of 2.4% in the Fed’s March SEP), unemployment of 4.25-4.50% (vs Fed median of 4.4%), and inflation reaching 2.75-3.00% this year before returning to target in 2027 (Fed median sees PCE at 2.7% in 2026; and Fed median sees inflation back at target in 2028; note, the Fed will update its projections at its 17th June policy meeting). He also noted that the Middle East conflict is already lifting inflation and creating supply chain disruptions.