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"We
have seen significant progress in bringing it down," Williams
said in prepared remarks to an event at the Reserve Bank of
India in Mumbai. "But we still have a way to go to reach our 2
percent target on a sustained basis. We are committed to getting
the job done."
By the U.S. central bank's preferred measure, inflation in May
was running at a 2.6% annual rate, down from the 7.1% peak
reached during the COVID-19 pandemic. To help slow price
increases, the Fed has held its benchmark interest rate in the
5.25%-5.50% range since last July.
The minutes of the Fed's June 11-12 meeting, which were
published on Wednesday, showed policymakers more confident that
price pressures are abating, although Williams underscored in
his speech that the Fed will always be guided by the totality of
economic data it receives and takes nothing for granted.
"Uncertainty will continue to be the defining characteristic of
the monetary policy landscape for the foreseeable future,"
Williams said.
(Reporting by Lindsay Dunsmuir; Editing by Andrew Heavens)
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