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- Fed's Williams: Eventually there will be rate cuts
Fed's Williams: Eventually there will be rate cuts
John C. Williams, President of the Federal Reserve (Fed) Bank of New York hit newswires during a speech a t the Milken Institute Global Conference in Beverly Hills on Monday. NY Fed President Williams is a voting member of the Federal Open Market Committee (FOMC), the Fed's key body responsible for interest rate decisions.
Key highlights:
- Eventually there will be rate cuts.
- Williams is seeing job growth moderating.
- Fed is looking at totality of economic data.
- It is worrisome when monthly inflation prints come in higher.
- Fed balance sheet wind-down has gone smoothly.
- Consumers are still spending, Williams sees GDP in the 2.0-2.5% range in 2024.
- Expects good though somewhat slower GDP growth.
- Seeing signs of more consumer caution on spending.
- Economy is still healthy, but is growing more slowly.
- Higher government debt means somewhat higher global rates.
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