The sky-high inflation is the number one danger to the US economy, New York Fed President John Williams said on Friday, as reported by Reuters.

Additional takeaways

"We are 100% committed to goals."

"We must be resolute, and cannot fall short."

"Price stability is absolutely essential for a strong economy."

"Fed is strongly committed to bringing inflation back down to 2% goal."

"I expect unemployment rate to reach somewhat above 4% next year."

"GDP to grow less than 1% this year, rebound to 1.5% next year."

"Some signs job growth has slowed, but labor market remains incredibly tight."

"We will be data-dependent, nimble in our policy approach."

"High inflation is incredibly harmful; I am resolutely focused on restoring price stability."

"May take some time to get inflation to 2%, may well be a bumpy road."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen posting small daily losses at 106.95.