By Michael S. Derby
June 25 (Reuters) – Federal Reserve Bank of New York President John Williams said on Thursday that while inflation pressures are likely to moderate this year they remain too high, as he pushed back his expectation of getting inflation back to the Fed’s 2% target.
“On the price stability side of our dual mandate, inflation is unquestionably elevated and well above the (Federal Open Market Committee’s) longer-run goal of 2%” and “it is imperative that we restore it to our 2% longer-run goal on a sustained basis,” Williams said in the text of a speech.
(Reporting by Michael S. Derby; Editing by Andrea Ricci)
