John Williams, Interview: Bloomberg

“Well, I don’t think we’re going to do our policy adjustment in a measured, slow pace for sure. I do think, with very high inflation, we need to really focus on bringing inflation down to our 2% longer run goal and to do that over the next few years. So that is the number one focus and I say that because the economy is strong. The labor market is basically back to close to where it was before the pandemic, with the unemployment rate around three and a half percent and other indicators showing that we have very strong demand for labor. So I do think from a monetary policy point of view, it does make sense for us to move expeditiously towards more normal levels of the Federal Funds Rate and also to move forward on our balance sheet reduction plans.”