NY Fed Chief Williams:
- says the Fed has to to be data dependent and transparent about this thinking
- has to be open to changing course when the data suggests that's what is needed
- economy is strong, facing upside risks to CPI
- inflation is much higher than the Fed expected
- expects inflation to fall in 2022 but to remain above Fed's 2% taregt
- Fed is committed to taking action to bring inflation back to 2%
Being data dependent is probably a key requirement for any government policy maker. Of course, it often is not.
