New York Federal Reserve President John Williams in a speech on Monday said that rising interest rates will be necessary to fight inflation until 2024.
My baseline view is that were going to need to raise rates further from where we are today, he said at an event hosted by the Economic Club of New York.
I do think were going to need to keep restrictive policy in place for some time. I would expect that to continue at least through next year.
The Fed raised its benchmark rate earlier this month to a range of 3.75% to 4%, its sixth increase this year.
Williams said he expects inflation to remain above 3% through 2023. The Feds target inflation rate is 2%.
