U.S. Federal Reserve Bank of New York President John Williams said inflation data over recent months has been encouraging, but wants to see more evidence in the coming months to gain the confidence needed to lower borrowing costs.
Katherine Judge, director and senior economist at CIBC Capital Markets , joins BNN Bloomberg to share her outlook on Canadian consumer trends.
Williams said the central bank will learn “a lot” between July and September, a month when policymakers are widely expected to reduce interest rates. Readings from the last three months are “getting us closer to a disinflationary trend that we’re looking for,” he said in an interview with the Wall Street Journal published Wednesday. “These are positive signs. I would like to see more data to gain further confidence inflation is moving sustainably to our two per cent goal.” The interview was conducted on Tuesday.
Williams echoed Powell by noting the importance of balancing the risks of holding rates too high for too long, which could hurt jobs, versus cutting prematurely and stalling progress on curbing price pressures.
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