John C Williams: This is the way

Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Club of New York, New York City, 9 May 2023. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
10 May 2023

As prepared for delivery

Thank you for that kind introduction. As chair of the Economic Club of New York, I often have the honor of introducing speakers to our forums. It's a special privilege for me to speak to the Club today.

I'm also pleased to be here during my favorite month of the year. The weather is warmer- Baseball season is well underway- And it's the month when people around the world celebrate "Star Wars," one of the all-time great franchises. I am often asked whether I am fan of "Star Trek" or "Star Wars," and my definitive answer is, "yes."

Now, I promise I won't spend my time talking about the weather or baseball. What I do want to talk about is inflation.

Inflation remains too high, and high inflation is hardest on those who can least afford to pay higher prices for food, shelter, and transportation.

The Federal Reserve is committed to bringing inflation down. As the Mandalorian would say, "Price stability.

"This is the way."

Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.