11/28/2022, 6:13 PM (Source: TeleTrader)
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Fed's Williams: Inflation to drop to 5-5.5% this year

New York Fed President John Williams argued on Monday that the annual inflation rate in the United States would decline to between 5% and 5.5% by the end of 2022, while further sliding to around 3% by the end of next year. The inflation fight could extend into 2024, he added.

In a speech set to be presented on Monday, Williams acknowledged the Federal Reserve still has work to do to lower soaring consumer prices, noting it would take time to release the upward pressures. He warned that the US unemployment rate would rise to between 4.5% and 5% near the end of 2023.

The November inflation data comes out on December 13, a day before the Fed's rate decision. The October data showed US inflation rate continued to decline for the fifth month in a row, landing at 7.7%.

Baha Breaking News (BBN) / ND