Fed's Williams pushes back on market expectations of a rate cut next year

New York Fed President John Williams said he expects interest rates to continue higher and to remain at those levels until inflation is subdued.

Williams didn't specifically say where he'd like to see rates go, but he did note that he believes reducing inflation will require real interest rates to be positive.

Williams, Fed Chair Jerome Powell and Vice Chair Lael Brainard make up the central bank's policy brain trust. $S&P 500 Index(.SPX.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Invesco QQQ Trust(QQQ.US)$ $Dow Jones Industrial Average(.DJI.US)$