https://minutesof.com/john-williams/on/fomc/ Everything John Williams has said on FOMC: 17 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:02 +0000 https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ https://minutesof.com/q/af0c32fa-0fa5-46e4-ba12-23370781e51a/ “After more than three years of balance sheet reduction, the FOMC ended runoff last fall, then determined in December that reserves had reached ample levels, consistent with the principles and plans it had outlined in 2022.” — NY Fed speeches fomc https://minutesof.com/q/00ddc85c-7126-4465-aca0-bbba4acce352/ https://minutesof.com/q/00ddc85c-7126-4465-aca0-bbba4acce352/ “First, having determined that reserve balances were approaching the ample range, at its October 2025 meeting it decided to conclude the runoff of aggregate SOMA securities holdings effective December 1; and second, when it judged that reserves declined to the ample range in December, it instructed the Desk to begin reserve management purchases (RMPs) to maintain reserves within that range.” — NY Fed speeches fomc https://minutesof.com/q/c7e7cd85-2416-4114-8af0-65dbe1b326b7/ https://minutesof.com/q/c7e7cd85-2416-4114-8af0-65dbe1b326b7/ “the Committee made that decision at its October meeting, with portfolio runoff ending effective December 1.” — NY Fed speeches fomc https://minutesof.com/q/000db072-74c2-4381-afec-ffadd8078854/ https://minutesof.com/q/000db072-74c2-4381-afec-ffadd8078854/ “since the formal adoption of the current ample reserves framework in January 2019, the effective federal funds rate has been outside of the target range on only one day, in September 2019 ( Panel 1 ).” — NY Fed speeches fomc 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 fomc 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 fomc https://minutesof.com/q/770297c4-8eee-4335-a90a-1d1ebae7acf2/ https://minutesof.com/q/770297c4-8eee-4335-a90a-1d1ebae7acf2/ “Many of you will have noticed that the FOMC implementation note was changed at the June meeting to make explicit that temporary pauses in RMPs could occur if money market conditions warrant.” — NY Fed speeches fomc https://minutesof.com/q/666eafe7-7515-4e4b-bbc9-f1746c174c60/ https://minutesof.com/q/666eafe7-7515-4e4b-bbc9-f1746c174c60/ “By reducing the target range for the federal funds rate by a cumulative 75 basis points last year, the FOMC has moved the modestly restrictive stance of monetary policy closer to neutral.” — NY Fed speeches fomc https://minutesof.com/q/1285e436-2640-4e06-8d21-75d38dfaf27a/ https://minutesof.com/q/1285e436-2640-4e06-8d21-75d38dfaf27a/ “the FOMC decided at its meeting last week to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent.” — NY Fed speeches fomc https://minutesof.com/q/4e409109-248c-4772-a141-3981e98924ef/ https://minutesof.com/q/4e409109-248c-4772-a141-3981e98924ef/ “Accordingly, at its meeting last week, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.” — NY Fed speeches fomc https://minutesof.com/q/83a10d3b-cfb2-4a60-b531-309171f74bdd/ https://minutesof.com/q/83a10d3b-cfb2-4a60-b531-309171f74bdd/ “Looking further ahead, if inflation follows the path I expect, further reductions in the federal funds rate will eventually be warranted to prevent monetary policy from inadvertently becoming more restrictive.” — NY Fed speeches fomc 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 fomc https://minutesof.com/q/fd3e95f6-9c6e-4435-9d25-fb5342b4c6a9/ https://minutesof.com/q/fd3e95f6-9c6e-4435-9d25-fb5342b4c6a9/ “At its meeting in October, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.” — NY Fed speeches fomc https://minutesof.com/q/9e3f16d7-2108-423b-b466-f84fe06c4915/ https://minutesof.com/q/9e3f16d7-2108-423b-b466-f84fe06c4915/ “At its meeting last week, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.” — NY Fed speeches fomc https://minutesof.com/q/3c91b369-34d9-454a-a746-ef497c47240b/ https://minutesof.com/q/3c91b369-34d9-454a-a746-ef497c47240b/ “Such reserve management purchases will represent the natural next stage of the implementation of the FOMC’s ample reserves strategy and in no way represent a change in the underlying stance of monetary policy.” — NY Fed speeches fomc https://minutesof.com/q/216626b0-d87f-4075-8922-b424b3c935ae/ https://minutesof.com/q/216626b0-d87f-4075-8922-b424b3c935ae/ “In its May 2022 plans, the Committee stated that it would stop runoff when reserves were somewhat above an ample level.” — NY Fed speeches fomc https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ https://minutesof.com/q/6c60a4cc-15d5-4ca7-a9f3-c47b9f2a3e27/ “The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.” — NY Fed speeches fomc