Federal Reserve Bank of New York President John Williams cautioned that financial stress among lower- and middle-income households could erode the U.S. economy’s strength, even as affluent Americans continue to benefit from surging equity markets, according to an interview with the Financial Times. Williams said the Fed’s December interest rate decision will be “really a balancing act,” noting that while “inflation is high, and it’s not showing signs of coming down right now,” the broader economy “is showing some resilience.” Still, he said affordability pressures are squeezing many Americans, especially when it ... (full story)