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US economic growth has remained resilient and the labour market is remarkably stable despite successive shocks, but inflation is too high and must be brought back to 2%, New York Federal Reserve President John Williams said on Friday.
Chronology
San Francisco Fed President Daly says higher rates 'are likely to be needed' in inflation fight
Daly called Friday's jobs report "good news for American workers," but noted the pressure inflation is exerting on household finances
US inflation too high; essential to get back to 2%: Fed's Williams
US economic growth has remained resilient and the labour market is remarkably stable despite successive shocks, but inflation is too high and must be brought back to 2%, New York Federal Reserve President John Williams said on Friday.
Reporting
- US inflation too high; essential to get back to 2%: Fed's Williams
US economic growth has remained resilient and the labour market is remarkably stable despite successive shocks, but inflation is too high and must be brought back to 2%, New York Federal Reserve President John Williams said on Friday.
- Williams Says Fed Should Gather Information to Judge Price Risks
Federal Reserve Bank of New York President John Williams endorsed the US central bank’s statement saying that this is the time to collect information on the risks to inflation.
- San Francisco Fed President Daly says higher rates 'are likely to be needed' in inflation fight
Daly called Friday's jobs report "good news for American workers," but noted the pressure inflation is exerting on household finances
- Fed’s Hammack Says Restrictive Rates Needed to Cool Prices
Federal Reserve Bank of Cleveland President Beth Hammack said interest rates need to be restrictive to bring inflation to the central bank’s target, and more frequent moves can reduce the risk that policy falls behind.
Analysis
- Fed's Williams says US economy remains resilient, appropriate time to gather more information
US economy remarkably resilient Growth has strengthened US facing unusual supply and demand shocks Remarkably stable and solid labour market We've seen tariffs effect work way through, mostly behind us Energy passing through to inflation as expected Inflation expectations well anchored Wage growth consistent with 2% goal This is appropriate time to gather more info New York Fed President John Williams highlighted the resilience of the US economy while signalling that the Federal Reserve can afford to take time to assess incoming data before making further policy decisions. Williams said economic growth has strengthened, describing the US economy as remarkably resilient despite facing unusual demand and supply-side shocks. He also characterised the labour market as remarkably stable and solid, suggesting that employment conditions remain broadly supportive of the economic outlook. On infl
Podcasts
- The Macro Implications of the Blue Tsunami
We don't need to tell you that the midterm elections were historic: The Democrats won bigger than even they imagined. But as the dust settles, an open question we are puzzling over is the market's ongoing reaction to this massive political sea change. Democratic control of Congress — and control over a number of formerly red statehouses, like Texas and Iowa — will influence everything from the composition of the FOMC to data center construction. And what we're seeing right now, with stocks like Tesla and SpaceX tumbling, is a direct response to these conditions. To get a better sense of this macro moment, we turn to Odd Lots regular, Employ America's executive director Skanda Amarnath to talk about how the midterms will influence the Fed's battle with inflation, Elon Musk's political instincts, and what a Democratic majority means for the market, tariffs, and AI. See Odd Lots
Social context
- Hiring is broadening and picking up a bit, unemployment is low but wage growth remains subdued. A solid but not strong labor market likely leaves the Fed squarely focused on inflation
Hiring is broadening and picking up a bit, unemployment is low but wage growth remains subdued. A solid but not strong labor market likely leaves the Fed squarely focused on inflation
Prediction markets
Historical quotes retained with the package; these are not live prices.
Earlier on MacroDigest
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- Daly says Fed rate hike likely, despite 'painful' tech-stock dive
- Fed’s Daly Says More Rate Hikes Likely Needed to Tame Prices
- Fed’s Daly Says More Rate Hikes Likely Needed to Tame Prices
- Daly says Fed rate hike likely, despite 'painful' tech-stock dive
- US inflation too high; essential to get back to 2%: Fed's Williams
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- Fed's Hammack, Barkin favor gradual rate-hike path to lower inflation
- October 2026 Core-Cast Inflation Preview + Important Update to Fed Views
- White House panel delays hearing on Fed's Lisa Cook to Dec. 14
- White House Delays Hearing on Fed Governor
- San Francisco Fed research flags El Niño as a 2027 US inflation risk while also projecting stronger employment
- San Francisco Fed research flags El Niño as a 2027 inflation risk while also supporting US employment
- El Niño Could Raise US Inflation, Boost Jobs in 2027: Fed Study
- San Francisco Fed finds El Niño raises a meaningful risk of higher US inflation and employment in 2027, complicating the policy outlook
- Tech Selloff Could Ease Pressure on the Fed
- Fed Officials Back More Rate Hikes, Gradual Pace of Tightening
- Fed Officials Back More Rate Hikes, Gradual Pace of Tightening
- The Fed held interest rates steady, but these officials see more hikes coming soon
- The Fed held interest rates steady, but these officials see more hikes coming soon