Federal Reserve Bank of New York President John Williams said Friday how financial conditions play out will be a key contributor to his thinking about what’s next for central bank interest rate policy.
“The economic outlook is uncertain, and our policy decisions will be driven by the data and the achievement of our maximum employment and price stability mandates,” Williams said in a speech in Bridgeport, Conn.But Williams, who also serves as vice-chairman of the rate-setting Federal Open Market Committee, stopped short of saying what he thinks lies ahead for monetary policy in the wake of turbulent financial conditions tied to a two recent bank failures.
The New York Fed president’s remarks Friday were his first since the FOMC met last week. At that gathering, officials penciled in one more increase for this year and then steady policy for the remainder of the year. In his remarks, Williams laid out some short-term pain for the economy as the Fed uses policy to cool inflation.
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