Fed's WIlliams says central bank should focus on main policy goals
By Alexander Bueso
Date: Thursday 17 Nov 2022
(Sharecast News) - A top US central bank official cautioned against trying to use monetary policy to forestall financial stability risks.
In remarks prepared for a conference on the Treasury market, the head of the Federal Reserve Bank of New York said that "monetary policy should not try to be a jack of all trades and a master of none."
"Using monetary policy to mitigate financial stability vulnerabilities can lead to unfavorable outcomes for the economy," he said.
John Williams's comments were seen as underscoring the Federal Reserve's focus on bringing inflation under control, which he described as a task of "paramount importance".
Instead, he said present efforts should be directed at strengthening the financial system without compromising the Fed's monetary policy goals.
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