"Federal Reserve Bank of New York's Williams: Inflation Target Requires Continued High Interest Rates"

The President of the Federal Reserve Bank of New York discusses the economic outlook in the United States, emphasizing the Federal Reserve's dual mandate of achieving maximum employment and price stability. He highlights the significant improvements in employment and the moderation of inflation, particularly in the three layers of inflation represented by different sectors of the economy. The speech also addresses future indicators for inflation, the current restrictive stance of monetary policy, and the Fed's commitment to achieving its 2 percent longer-run inflation goal.