The current problems in the banking industry and their impact will factor into Williams' policy outlook.
New York Fed President John Williams cautioned that "it will take time for the FOMC's actions to restore balance to the economy and return inflation to our 2% target."
He added that unemployment is likely to rise to a 4%-4.5% range, from its current 54-year low of 3.4%. The committee removed a key phrase from the statement that had indicated additional rate hikes would be appropriate. Williams said that decision is now a matter of what the incoming data say.
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