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New York Fed President expects falling energy prices to drive down overall inflation.

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Jinse Finance reported that on July 7, New York Fed President John Williams said he expects falling energy prices to drive down overall inflation in the coming months, while reiterating that the central bank's policy is currently in a good position. "I am indeed a bit more optimistic about the short-term inflation outlook because we are going to see energy prices decline," Williams said on Tuesday. "I think monetary policy is in a good place" to achieve the Fed's mission, he added. The Strait of Hormuz, which had largely shut down after the outbreak of the US-Iran war, has shown signs of recovery. Oil prices have dropped significantly since the US and Iran reached a temporary peace agreement. However, before the decline in oil prices, the Fed's preferred inflation measure—the Personal Consumption Expenditures (PCE) price index—rose 4.1% year-over-year in May, while the core PCE price index, excluding food and energy prices, increased 3.4%. Williams also said the labor market is stabilizing and economic growth remains solid. The New York Fed president said there was a "strong consensus" among Federal Open Market Committee (FOMC) members to remove forward guidance on the future path of interest rates from the policy statement following the June meeting. "Given the uncertainty surrounding inflation and the economic outlook, it is no longer appropriate to try to provide clear forward guidance on the future direction of interest rates," he said. "The uncertainty is too great."
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