New York Fed President John Williams said Wednesday that monetary policy is in a...
FILE PHOTO: John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri
“I feel very good about how the economy’s been this year, how it’s progressed and feel very good about how it’s going to look next year,” Williams said in an interview with CNBC. Fed officials voted unanimously to leave interest rates unchanged at last week’s policy meeting. Williams says future rate decisions will be data dependent and echoed the views expressed by some of his peers this week that interest rates are in a sweet spot heading into next year and that it would require a material change to the outlook for officials to either raise or lower borrowing costs.
The Fed is injecting billions of dollars of liquidity into overnight lending markets through operations in the market for repurchase agreements, or repo. And since mid-October, the Fed has been purchasing $60 billion a month in short-term Treasury bills to increase the size of the balance sheet and boost the level of reserves in the banking system.
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