NY Fed’s Williams says fixed income households more affected by high inflation

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FILE PHOTO: John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York

– Higher inflation does not affect all households equally, with people on fixed incomes taking a bigger hit, New York Federal Reserve Bank President John Williams said Friday.

“There are definitely segments … of our labor force and economy that are more protected against inflation and there others who are less so,” Williams said during a webinar organized by the New York Fed. “People on fixed incomes are obviously less protected against surprisingly high inflation.”

(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)