Federal Reserve Bank of New York President John Williams told the Economic Club of New York on Tuesday that the Fed must be data-driven with monetary policy and reiterated that the Fed will raise rates again if necessary, Reuters reported.
Other things to take with you
“The Fed didn’t say it raised rates.
“The Fed has made incredible progress on monetary policy.”
“I don’t see any reason to cut back rates this year.”
“Broadly speaking, supply is still out of balance with the economy.”
“A fully confident Fed can get inflation back to 2%.”
“Structural shifts will not disrupt the Fed’s work to achieve its inflation target.”
“I don’t have a recession in the baseline forecast.”
“The economy has both upside and downside risks.”
“Credit is expected to become tighter and more expensive.”
“Tighter credit may blunt how far the Fed goes with rate hikes.”
“I don’t see tighter credit throwing the economy completely off course.”
Market reaction
The US dollar retains its strength after these comments US dollar index it last gained 0.3% on the day to 101.70.
