New York Fed President: Overall monetary policy is in the appropriate range, there is no reason to raise or lower interest rates in the short term According to a report by Golden Finance, on May 15th, John Williams, the President of the New York Federal Reserve, delivered a public speech on Thursday, making it clear that the Fed does not need to consider adjusting its interest rate policy at the moment, as the overall monetary policy is in an appropriate range and there is no reason to raise or lower interest rates in the short term, amid the enormous uncertainty brought about by the Middle East conflict. Williams expressed his views at the event of the American Association of Business Economists, generally continuing his consistent policy stance and maintaining a stable position. He emphasized that stabilizing inflation expectations is crucial. Although short-term inflation expectations have risen slightly, it is a normal phenomenon. However, long-term inflation expectations remain stable, which is crucial for the overall stability of prices. In terms of the impact of tariffs, Williams believes that most of the impact of tariffs on inflation has been released, and it is only necessary to continue tracking the evolution of overall price pressure in the future. Williams' analysis points out that the overall inflation expectations are currently under control, and the labor market has not further pushed up prices. There has been no abnormal second round transmission effect or sustained inflation inertia in the market, but close observation is still needed and the monitoring pace cannot be relaxed. Regarding the continued strong performance of the US stock market, Williams said that it is not surprising considering people's level of optimism about the economic outlook. He pointed out that the market has optimistic expectations for future productivity improvement, and technological advancements such as artificial intelligence are important support. In addition, he gave a positive evaluation of the current ample reserve bank liquidity management system of the Federal Reserve, stating that it is operating well.