10/3/2022, 9:31 PM (Source: TeleTrader)
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Fed's Williams says inflation likely to fall to 3% by 2023

Federal Reserve Bank of New York President John Williams stated on Monday that he sees inflation declining to about 3 percent next year.

In his latest speech, and about inflation, Williams asserted that he expects "the combination of cooling global demand and steady improvements in supply to result in falling rates of inflation for goods that rely heavily on commodities, as well as for those that have been most affected by supply-chain bottlenecks."

At the same time, he said that the US is likely to witness unemployment rise to 4.5% by the end of 2023 while adding that the Fed's job is not done yet, as inflation remains too high. "Tighter monetary policy has begun to cool demand and reduce inflationary pressures, but our job is not yet done," he concluded.

Baha Breaking News (BBN) / JG