NY Fed President and influential FOMC member John Williams said on Friday that the speed of interest rate hikes this year should be driven by the data, reported Reuters. 

Additional Remarks:

"The Fed needs to be clear that both balance sheet reduction and rising rates will affect financial conditions."

"Given supply/demand imbalances, we need to move rates steadily back to normal levels."

"I am very focused on thinking about real interest rates."

"We need to keep an eye on if supply chains ebb when deciding the path of rates."

"The war in Ukraine could also affect outlook, so the Fed has to be nimble."

When asked about a 50 bps rate rise in May, Williams says he "will watch data and analyse it."

"If it is appropriate to raise by 50bps at a meeting, I will do that."

"We need to make the right decisions based on what we are seeing in the economy."