New York Fed President John Williams said Thursday he sees signs that inflation is turning.
Some forward-looking indicators are showing signs that inflation might be turning, said New York Federal Reserve President John Williams, on Thursday.“I do think we are starting to see some signs on inflation measures that are moving in the right... Some forward-looking indicators are showing signs that inflation might be turning, said New York Federal Reserve President John Williams, on Thursday.
“Commodity prices have come down. We’re finally see some used-car prices come down. We’re seeing some other indicators on rents. So we’re seeing some forward looking indicators that inflation is turning,” he added. Williams, who always has a vote at the Fed’s interest-rate committee meetings, said it will take “a couple years” to get inflation all the back down to 2%. The Fed’s favorite inflation measure, the personal consumption expenditure price index, was running at a 6% annual pace in November, according to data published Thursday.He said he expects “a pretty significant decline in inflation” in 2023.
The Fed’s job is to get demand to moderate so that it is in balance with supply, including in the labor market, Williams said. Tighter monetary policy is part of that, he said. The Fed needs to get inflation to a sufficiently restrictive level that helps push inflation down, he said.Stocks DJIA SPX were lower on Thursday on weak U.S. manufacturing data. The yield on the 10-year Treasury note slipped to 3.56%.
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