© Reuters. FILE PHOTO: John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri
(Reuters) – New York Federal Reserve Bank President John Williams on Tuesday said he believes the central bank will raise its policy rate high enough to restrict growth and bring down inflation, and will then need to hold it there through the end of 2023.
“From my perspective right now, I see us needing to kind of hold a policy stance – pushing inflation down, bringing demand and supply into alignment – it’s going to take longer, will continue through next year,” Williams told the Wall Street Journal. “Based on what I’m seeing in the inflation data, and what I’m seeing in the economy, it’s going to take some time before I would expect to see adjustments of rates downward.”