Fed's Williams: Inflation too high for too long
United States Federal Reserve Bank of New York President John Williams said on Friday that inflation has been too high and persistent for an extended period, stressing that it is necessary to achieve the 2% target "in a timely manner."
Speaking at the European Central Bank Conference on Money Markets, Williams noted that price increases driven by energy costs are being reflected in airfares, as expected. He added that artificial intelligence had only a limited impact on inflation, mainly on chip prices. The central banker also emphasized that the effects of US President Donald Trump's global tariffs are "mostly behind us."
Furthermore, Williams stated that the US labor market is "unusually" stable and robust, and the US economic resilience is "remarkable."
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