(Reuters) – New York Federal Reserve Bank President John Williams on Wednesday said the U.S. central bank is “absolutely” committed to bringing inflation back down to its 2% target over the next few years, by bringing demand down in line with constrained supply.
“Our job is clear: our job is to make sure we restore price stability, which is truly the foundation of a strong economy,” Williams said at a conference hosted at the bank.
He noted that with global supply chains still disrupted, goods prices may not continue their recent decline, and inflation in core services excluding housing continues to be far too high, driven by too much demand relative to supply.
(Reporting by Ann Saphir; Editing by Chris Reese)