NY Fed President and Fed Board of Governors member John Williams said on CNBC on Friday that inflation in the US at present is too high and it thus makes sense to accelerate the pace of the bank's QE taper, according to Reuters. 

Additional Takeaways: 

“Don’t see any real benefit to speeding taper up further.”

“It's really about creating optionality for next year.”

“Decisions on interest rates will depend on economic data.”

“He is optimistic fed will see really strong improvements in the labor market.”

“He expects the unemployment rate to come down to 3.5% by end of 2022 and above-trend growth.”

“Baseline outlook for next year is a very good one.”

“Raising interest rates would be a positive sign about where we are in the economic cycle but will be driven by data.”

“Fed is focused on both dual mandate goals.”

“Inflation may be one factor in whether Fed raises rates more quickly over time.”

“Fed wants to keep an eye on real interest rates.”

“Fed will be moving real interest rates back to what they think of as neutral, but there is still a question of where that is.”

“Fed has shown it can accomplish both maximum employment and price stability.”