Williams estimates tariffs have added roughly half a percentage point to current inflation running at about 2.75 percent.
“My current estimate is that the increase in tariffs to date has contributed around one half of a percentage point to the current inflation rate of about 2-3/4 percent.”
Williams reports the EFFR has increased one basis point relative to IORB.
“Most recently, this has translated to a one-basis-point increase in the EFFR relative to IORB.”
Williams says the balance sheet has fallen from 35 percent of GDP in early 2022 to around 22 percent now.
“Our balance sheet has fallen from the equivalent of around 35 percent of GDP, in early 2022, to around 22 percent of GDP now.”