“Raising interest rates would be a sign of a positive development in terms of where we are in the economic cycle,” New York Fed President John Williams tells steveliesman.
"We're very focused on inflation; it is obviously too high right now," Williams said. "We want to make sure inflation comes back down to our 2% longer-run goal."
However, Williams noted that the Fed doesn't need to further speed up the tapering of its asset purchase program to temper the recent inflation surge. On Wednesday, the Fed announced it will be buying $60 billion in bonds per month starting in January. That's half of what it was buying prior to November. It also puts the Fed on track to wrap up its program by March.
"I don't see that there's any real benefit to try to speed it up further," Williams said. "We like to do things in a way that's very carefully studied, very carefully communicated … without creating disruption in markets."
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