tweet: FED'S WILLIAMS: THE FED IS AT OR NEAR PEAK FOR THE FEDERAL FUNDS RATE. tweet: FED’S WILLIAMS: FUTURE IS UNCERTAIN, DATA WILL DRIVE FUTURE POLICY CHOICES #News #Markets #live tweet: FED’S WILLIAMS: THE FED WILL NEED A RESTRICTIVE POLICY STANCE FOR SOME TIME TO ACHIEVE GOALS. tweet: Fed’s Williams: Sees '23 CPI At About 3.25%, ~2.5% In '24 - Sees '24 GDP Growth Slowing To 1%-1.25% - Sees '24 Jobless Rate Rising To A Little Over 4%Peeling the Inflation Onion, Revisited The Federal Reserve has two main monetary policy goals, often referred to as the “dual mandate”: maximum employment and price stability. As I will discuss in more detail, we are doing well on our maximum employment mandate, but we still have a ways to go to fully restore price stability. Although inflation has come down from the peak reached last year, it is still too high. Price stability is the bedrock upon which our economic prosperity and stability stands. The Federal Open Market Committee (FOMC) has set a 2 percent longer-run goal for inflation and is committed to attaining that goal on a sustained basis.1 Before I go any further, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the FOMC or others in the Federal Reserve System. The Inflation Onion After peaking at just over 7 percent in June of last year, inflation is now 3-1/2 percent, based on the 12-month percent change in the personal consumption expenditures price index. To understand why inflation rose so much and how it’s coming back down, I find it useful to use the metaphor of an onion with various “layers” of inflation.2 The outer layer of the onion consi