The Minutes of John Williams on dual mandate https://minutesof.com/john-williams/on/dual-mandate/ Everything John Williams has said on dual mandate: 8 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:02 +0000 Williams warns low r-star means more frequent lower bound constraints on policy effectiveness. https://minutesof.com/q/5cb32714-d4d4-4eaa-bec6-877c2f88b8ab/ https://minutesof.com/q/5cb32714-d4d4-4eaa-bec6-877c2f88b8ab/ “A low r-star implies the economy can encounter more frequent and longer periods when monetary policy is constrained by the effective lower bound on nominal interest rates, potentially impeding the achievement of a central bank’s inflation goals and other macroeconomic objectives.” — NY Fed speeches dual mandate Williams states inflation is at about 4 percent, well above the 2 percent goal. https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ “Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent.” — NY Fed speeches dual mandate Williams says inflation is about 4 percent, well above the 2 percent goal, driven by three factors. https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ “Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent. This elevation primarily reflects three drivers.” — NY Fed speeches dual mandate Williams reports PCE inflation rose to 3.5 percent in March. https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ “On the price stability side of the Fed’s dual mandate, overall inflation—as measured by the Personal Consumption Expenditures price index—rose to 3-1/2 percent in March.” — NY Fed speeches dual mandate Williams anticipates moving interest rates toward neutral stance over time if progress continues on dual manda https://minutesof.com/q/a25d2526-b185-43c4-a939-325b3c8c3d10/ https://minutesof.com/q/a25d2526-b185-43c4-a939-325b3c8c3d10/ “Looking ahead, if progress on our dual mandate goals continues as in my baseline forecast, I anticipate it will become appropriate to move interest rates toward a more neutral stance over time.” — NY Fed speeches dual mandate Williams reports FOMC maintained fed funds rate at 3.5 to 3.75 percent at mid-June meeting. https://minutesof.com/q/9575f713-e90c-4f02-9dfb-f75bcb79be5b/ https://minutesof.com/q/9575f713-e90c-4f02-9dfb-f75bcb79be5b/ “Accordingly, at its meeting in mid-June, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent in support of the Fed’s dual mandate.” — NY Fed speeches dual mandate Williams sees increased downside employment risks and lessened upside inflation risks as labor market cools. https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ “My assessment is that the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat.” — NY Fed speeches dual mandate Williams states anchoring inflation expectations is a bedrock principle for maintaining low and stable inflati https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ “This principle has become a bedrock of modern central banking, as economic analysis and history have shown that anchoring inflation expectations is important in maintaining low and stable inflation.” — NY Fed speeches dual mandate