Williams issues another hawkish warning: inflation is "far too high," and the Fed has a lot of work to do.

New York Fed President John Williams said Thursday that U.S. inflation remains "far too high" and the Fed has "a lot of work to do" to return it sustainably to the 2% target, while warning against unnecessary damage to full employment. His remarks followed October core CPI, which rose 0.3% month-over-month and exceeded expectations for a third straight month, reinforcing the case for further tightening. Rate futures now price 25-basis-point hikes at each of the next three meetings in December, January and March. Other officials echoed the hawkish tone: Cleveland Fed President Beth Hammack said policy may need to become restrictive, while Governor Christopher Waller has left room for a 50-basis-point move in December. Williams' comments carry extra weight as a centrist voice amid reduced public commentary from Chair Kevin Warsh. Investors will watch whether more officials back consecutive hikes and whether data before the December meeting reinforces that path.