New York Federal Reserve President John Williams detailed the widespread initiatives that the Fed has taken to combat the U.S.'s sky-high inflation rates.
, stressed the urgency of resolving the U.S.'s number one issue of inflation, which he predicted could take "a couple of years."
Williams said that inflation could remain elevated until 2025, though he anticipates a "pretty significant decline" in consumer prices in 2023 as supply chain disruptions continue to fade. 'Today, the latest reading showed the PCE inflation rate, the one that we're focused on, is at 6.0%, and we want it to be 2%,' Williams told FOX Business' Ed Lawrence in an exclusive interview. ‘My hope is that we will be at our 2% inflation goal by 2025. But importantly, I expect to see a pretty significant decline in inflation next year as supply chain issues improve.’
John Williams, president of the Federal Reserve Bank of New York, right, speaks during Politico's Morning Money lunch briefing in Washington, D.C., U.S., on Tuesday, May 17, 2016. Photographer: Andrew Harrer/Bloomberg via Getty Images The Fed has been raising interest rates at the most aggressive pace since the 1980s as it tries to wrestle inflation that is still running near a 40-year high under control. Officials have already approved six straight increases, including four back-to-back 75-basis-point hikes, raising the federal funds rate to a range of 3.75% to 4%. Despite this, Williams was still unable to indicate if inflation has peaked.
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