Williams added that employment data for March showed the jobs market was still ‘very strong’
The prospect of the Federal Reserve raising its benchmark interest rate only once more and in a 25 basis point increment is a useful starting point but the central bank’s policy path will depend on incoming data, New York Fed President John Williams said on Tuesday.
The Fed raised rates by 25 basis points to a 4.75%-5.00% range at that meeting. However, it has adopted a more cautious approach following recent banking turmoil, which has raised expectations of a swifter slowdown in the economy as banks become more wary about lending. “We have to be driven by the data,” Williams said. “I will say that one thing that we’re paying attention to is credit conditions but also do we really see signs of this underlying inflation coming down?”
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