Fed’s John Williams Says Rates Will Stay High for a While

Federal Reserve Bank of New York President John Williams said Tuesday that combating high inflation is likely to require lifting the central bank’s benchmark short-term interest rate above 3.5% and holding it at that level through next year.

“Our focus is on getting inflation back down to 2%,” and the current level of price pressures is “far too high,” Mr. Williams said in an interview with The Wall Street Journal.

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