US FOMC Member Williams Speaks

It’s great to be with you here today. Queens is a special place. There are so many features that make it unique. It’s one of the country’s most diverse areas. It’s home to not one, but two airports. And it’s the birthplace of so many famous actors and musicians. That said, getting around can be complicated. The hyphenated numbers in street addresses. The avenues, roads, and drives that all start with the same number. The fact that you can have a 58th Street that meets a 58th Drive. Navigating through Queens can be quite a journey. And as the past few years have shown, the same can be said for the economy. To give you a roadmap today, I’m going to discuss the rise and fall of inflation—from unacceptably high to within striking distance of the Fed’s 2 percent longer-run goal—as well as the labor market’s return to balance. I’ll also talk about how monetary policy is working to achieve our dual mandate of maximum employment and price stability. And I’ll provide my economic outlook. But before I continue the journey, I will give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. post: FED’S WILLIAMS: THE US ECONOMY IN GOOD PLACE, LABOR MARKET IS SOLID, IN BALANCE. post: FED’S WILLIAMS: FURTHER PROGRESS ON INFLATION MAY BE UNEVEN. post: FED’S WILLIAMS: I EXPECT US INFLATION AROUND 2.25% FOR 2024. post: NYFED'S WILLIAMS/C OF C: LIKE WALLER EARLIER, INDICATES LEADING TOWARD A DECEMBER CUT, BUT PENDING DATA CRUCIAL IN MAKING DECISION #Williams #FederalReserve

Welcome back! It’s wonderful to see so many of our alumni joining us today as we celebrate the 110th anniversary of the New York Fed—and the centennial of our Liberty Street home. Buildings tell stories. And this unique building—made of sandstone and limestone, with vaulted ceilings and a gold vault in the basement—has much to say about where we’ve been, where we are, and where we’re going. It stood as a beacon of strength during crises: Black Thursday, Black Monday, 9/11, the Global Financial Crisis, and the COVID-19 pandemic. And it’s witnessed remarkable change—in the global economy and financial markets, in technology and the ways we work, and, as you see in the photos, in hair styles and office attire. But just as 33 Liberty Street kept its distinctive stone exterior as glass skyscrapers grew around it, our dedication to the mission of serving the American public has remained constant. And throughout our history, our ability to be at the forefront of post: FED'S WILLIAMS DOES NOT COMMENT ON ECONOMY, MONETARY POLICY IN REMARKS

Let me add my welcome to the New York Fed, and heartfelt thanks to our speakers and panelists for an incredible afternoon. Over a few short hours, we’ve heard about innovative strategies that will affect real people every day. We’re all leaving this room with a list of action items, and now the real work begins. Before we close out the day, I want to share why identifying and making missing markets is a way to better deliver investments to under-resourced communities. And I’ll discuss why the New York Fed is the ideal institution to convene this work. Before I go on, I will give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. post: FED'S WILLIAMS DOESN'T COMMENT ON MONETARY POLICY IN HIS SPEECH.

Good morning. I’m so pleased to be here at Binghamton University, a true gem of the SUNY system. Meeting with students, educators, and business and community leaders is a valuable and enjoyable part of my job. The New York Fed represents the Federal Reserve System’s Second District, which includes New York State, northern New Jersey, western Connecticut, Puerto Rico, and the U.S. Virgin Islands. This is a diverse region made up of many smaller local economies. Therefore, it’s important for me and my colleagues at the New York Fed to collect data and learn about the challenges and opportunities facing all of the communities we serve. That said, monetary policy affects everyone, and the Federal Reserve is committed to using its tools to achieve its dual mandate of maximum employment and price stability. Today, I will talk about monetary policy and how the Fed is working to fulfill this dual mandate. I’ll also give you my outlook on the U.S. economy. Before I do, I will give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Obsessing Over Data post: FED’S WILLIAMS: EXPECTS ECONOMY WILL ALLOW FED TO CUT RATES FURTHER post: FED’S WILLIAMS: PACE AND SIZE OF FUTURE CUTS TO BE DETERMINED BY ECONOMIC DATA post: FED’S WILLIAMS: I EXPECT INFLATION TO WANE TO 2.25% THIS YEAR, CLOSE TO 2% IN 2025. post: FED’S WILLIAMS: THE ECONOMY IS SOLID, LABOR MARKET IN A GOOD PLACE.

Good morning. Let me welcome you to the Federal Reserve Bank of New York and to our second Future of New York City conference. And thank you to the speakers, participants, and organizers who make this such a valuable forum. This year we are celebrating the centennial of this landmark building here at 33 Liberty Street. We are proud of our history as a downtown anchor institution and look forward to the next 100 years. Before I go further, let me give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. It was not too long ago—a little over four years back—when some predicted that the future of New York City was quite bleak. Others even went as far to declare that New York City is dead forever. Well, that forecast didn’t age well. I imagine those of you sitting right here in this auditorium would agree with me. Just to get here this morning, you likely had to catch a ride on a crowded subway, train, bus, or ferry. Or maybe you were brave enough to drive over a bridge or through a tunnel and then search for parking. Perhaps you stood in a long line waiting for coffee or a pastry, or dodged tourists taking a photo right in the middle of the sidewalk. I won’t even mention the e-scooters and bikes. And it’s only 9:00 a.m. That’s because New post: FED'S WILLIAMS DOES NOT COMMENT ON MONETARY POLICY OR ECONOMIC OUTLOOK IN PREPARED REMARKS FOR CONFERENCE.

Welcome, everyone. Thank you for joining us. And a special thank you to those who make today’s event so powerful: the distinguished speakers, panelists, and event organizers. We have a packed agenda on a variety of important topics, and I look forward to hearing about the progress we’ve made and priorities for the future. Today marks our tenth annual U.S. Treasury Market Conference, and a decade of partnership between our agencies. These conferences have proven to be a valuable forum to share insights and perspectives on the evolution of the Treasury market, identify challenges and risks to smooth market functioning, and, most importantly, discuss ways to enhance its resilience and effectiveness in both good times and bad times. post: FED’S WILLIAMS DOES NOT COMMENT ON ECONOMY, MONETARY POLICY **FED’S WILLIAMS: FED LAUNCHING REFERENCE RATE USE COMMITTEE **FED’S WILLIAMS: NEW COMMITTEE WILL HELP MARKETS USE, UNDERSTAND REFERENCE RATES