#Federal_Reserve Bank of #New_York President #John_Williams said Monday that at some undefined point the #USA #central #bank will lower its interest rate t#arget.
“Eventually we’ll have rate cuts” but for now monetary policy is in a “very good place,” Williams said in comments made before the #Milken Institute 2024 #Global Conference in #Beverly_Hills, #California.
The comments Monday followed last week’s Federal Open Market Committee meeting. There, officials maintained their overnight target at between 5.25% and 5.5%, while signaling it’s likely to stay there for some undefined period while they seek out additional evidence inflation is retreating back to target.
Williams did not offer a time table for action but he said the economy was overall moving back into better balance, amid a shift to a slower rate of growth. Williams said he expects the nation’s Gross Domestic Product to rise at between 2% to 2.5% this year after expanding rapidly last year.
Williams also said the Fed’s efforts to shrink the size of its balance sheet have gone well and haven’t rattled markets.
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