Inflation in the US is sticking around higher than anyone would like, and Federal Reserve Bank of New York President John Williams isn't sugarcoating it.
He says it's "far too high" and needs to come down to 2%.
The Federal Reserve hit pause on raising interest rates last month to see how things are shaping up, but with underlying consumer prices, excluding food and energy costs, rose by 0.3% in October from the prior month, topping estimates for a third straight month, there's talk of more policy moves ahead.
Williams prioritizes inflation and job protection
Williams made it clear that bringing inflation down is a top priority, but he also wants to keep jobs safe and the economy steady.
"We'll need to take actions over time that will ensure that we get inflation back to our 2% goal promptly and on a sustained basis," he said.
The Fed will meet again at the next meeting, using fresh economic data to decide if more rate hikes are needed or if they'll stay put a bit longer.