Fed’s Williams: Fed is at or near peak for the Federal Funds Rate

Federal Reserve (Fed) Bank of New York President John Williams said on Friday that the central bank may be done raising interest rates since inflationary pressures are going back towards the 2% target, although still elevated.

Key quotes

"Monetary policy is having the desired effects on the economy."

"Fed is at or near peak for the federal funds rate."

"Fed will need restrictive policy stance for some time to achieve goals."

"Sees inflation ebbing to 3.25% this year, heading to 2% in 2025."

"Future is uncertain, data will drive future policy choices."

"Will still take a while for full monetary policy tightening to affect economy"

"Inflation is still too high, price stability essential for economy."