Williams, the "third-in-command" of the Federal Reserve, does not believe there is a need to adjust the federal funds rate in the short term.
Federal Reserve's "third-in-command" Williams stated on Thursday that despite the possibility of Trump's tariffs pushing inflation higher and dragging down the economy, there is currently no need to adjust interest rates. The priority is to prevent tariffs from causing sustained inflation and to maintain the 2% inflation target and anchoring of market expectations. He expects this year's GDP growth in the USA to be below 1%, with the unemployment rate possibly rising to between 4.5% and 5%, but this does not constitute a recession.
New York Fed President: The Federal Reserve does not need to adjust interest rates "in the short term."
Williams, the president of the New York Federal Reserve who holds permanent voting rights on the FOMC and is known as the "third in command" of the Federal Reserve, stated that the Federal Reserve does not need to adjust interest rates in the short term.
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