Fed’s Williams: Inflation still too high, rate policy ‘well positioned’ to lower price pressures

By Michael S. Derby

June 25 (Reuters) – Federal Reserve Bank of ​New York President ‌John Williams said on Thursday that while inflation pressures are likely ‌to ​moderate ⁠this year they ⁠remain too high, as he pushed back his expectation of ​getting inflation back to the Fed’s ⁠2% target.

“On ⁠the price stability ​side of our dual ​mandate, inflation is unquestionably ‌elevated and well above the (Federal Open Market Committee’s) longer-run ⁠goal of 2%” and “it is imperative that we restore ⁠it ‌to our ⁠2% longer-run goal ​on ‌a sustained basis,” ​Williams ⁠said in the text of a speech.

(Reporting by Michael S. Derby; Editing by Andrea ​Ricci)