Federal Reserve Bank of New York president John Williams admitted on Friday that they have seen significant progress in bringing it down but added that there is still a way to go to reach the 2% inflation target on a sustained basis. He also stressed that the Fed's policymakers are committed to getting the job done.
Williams noted that the U.S. economy is doing remarkably well, adding that some valuations are definitely stretched.
The official also stated that the Fed must accept that uncertainty will continue to define the future. “Uncertainty is not just a pervasive feature of the monetary policy landscape; it is the defining characteristic of that landscape,” he noted.