3/31, 9:20 PM (Source: TeleTrader)
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Fed's Williams expects inflation to fall around 3.25% in 2023

Federal Reserve Bank of New York President John Williams stated on Friday that inflation will fall to around 3.25% in 2023 while adding that it will take some time before the Fed tools can move inflation back to its target.

"I expect inflation to decline to around 3-1/4 percent this year before moving closer to our longer-run goal in the next two years," Williams mentioned in its latest remarks at Housatonic Community College. Besides, the banker expects real GDP to grow "modestly" in 2023, increasing at some point next year. In the case of unemployment, he anticipates a gradual gain to about 4.5% over 2024.

"The economic outlook is uncertain, and our policy decisions will be driven by the data and the achievement of our maximum employment and price stability mandates. I am confident that our actions will bring inflation down to our 2 percent longer-run goal," Williams concluded.

Baha Breaking News (BBN) / JG