US Fed remains inclined to cut rates, but is in no hurry

It’s great to be back at Pace University—particularly here at 15 Beekman. I’ve watched this building rise from the ground, and it’s been wonderful to see it develop as a new focal point for the school. The New York Fed has a number of connections to Pace. We’re close neighbors and anchor institutions here in Lower Manhattan. More than 100 of our employees are proud Pace alumni. And through the years, Pace students have represented the Second District well in the College Fed Challenge competitions. I’m sure the members of the Economics Society who are here today have come armed with thought-provoking questions about the economy and monetary policy. And I look forward to answering them. But first, I’m going to take this opportunity to talk about where the economy’s been, where it is today, and where it’s going. I’ll discuss how the Fed is working to achieve its dual mandate of maximum employment and price stability. And I’ll give my economic outlook. Before I go further, I must 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. Where We’ve Been Now that most economic data for 2024 have come in, it’s a post: FED’S WILLIAMS: THE FED HAS MADE SIGNIFICANT PROGRESS LOWERING INFLATION. post: FED’S WILLIAMS: MONETARY POLICY WELL POSITIONED TO ACHIEVE THE FED GOALS. post: FED’S WILLIAMS: INFLATION EXPECTATIONS ARE WELL ANCHORED.

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