New York Federal Reserve President John Williams has warned that growing financial strain on lower- and middle-income Americans could undermine the broader U.S. economy’s resilience, even as wealthier households benefit from a booming stock market.
Williams spoke in an interview with the Financial Times, link here for transcript (gated) .
- said the Fed’s December policy meeting would be “a balancing act”
- officials will weigh persistent inflation, its high and not showing signs of coming down at present, against an economy that remains resilient.
- cautioned that many Americans are struggling with rising housing and living costs
- such pressures risk weighing on consumer confidence and spending
