New York Fed President Expects Inflation to Cool in Second Half of 2024

Published on June 3, 2024

During an address at the Economic Club of New York, John Williams, president of the Federal Reserve Bank of New York, expressed his expectation for inflation to “resume moderating in the second half of this year.” Mr. Williams, a close ally of Federal Reserve Chair Jerome Powell, emphasized that the recent hot monthly readings do not signify an upward trend but rather a pause in the cooling trend of inflation. He also forecasted that inflation, as measured by the Fed’s favored gauge, the Personal Consumption Expenditures (PCE) price index, will soften to about a rate of 2.5 percent by the end of this year, moving closer to the Fed’s target of 2 percent next year. The latest reading for March showed inflation running at a clip of 2.7 percent....

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