Unwavering dedication
Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the University at Buffalo, Buffalo, New York, 29 September 2026.
Williams finds inflation "clearly too high", says inflation is the priority and implies further tightening by saying "one more hike towards the end of the year may be appropriate"; the emphasis on "no need to rush" and data dependence keeps the score one notch below the most hawkish band.
Summary
New York Fed President Williams said the US economy has held up well despite major shocks, the labour market remains strong and risks to the employment goal have diminished. He stressed that inflation at around 3.7 percent is clearly too high and that risks to price stability have increased because of energy prices linked to the Middle East and demand pressure from AI investment. Recalling that the FOMC raised the policy rate by a quarter point to a 3.75-4 percent range in September, Williams said returning inflation to 2 percent is job number one. He said there is no need to rush, but that one more rate hike towards the end of the year may be appropriate if the economy evolves in line with his forecast.
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Model: claude-code/opus · prompt version 2
This score was produced automatically in the daily data job with Claude Code, using the same prompt, scale and rules.
Fed (Federal Reserve) · United States
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