Williams: "Need to take action for a period of time to return inflation to 2%"

New York Fed President John Williams said the Federal Reserve will need to take action "over a period of time" to bring inflation back to its 2% target, without specifying the tools or timing. The remarks come after the Fed raised its benchmark rate by 25 basis points in September to a 3.75%–4.00% range and held it steady at its October meeting, where officials said inflation remained elevated and pledged to use incoming data to calibrate the policy level needed to return to 2%. Williams has previously described inflation as too high and persistent for too long. The comments reinforce expectations that rate policy will stay restrictive rather than pivot quickly, keeping attention on upcoming inflation and labor data, including the October CPI report, for signals on the pace of future moves.