Federal Reserve Bank of New York President John Williams said on Wednesday that he is not content with the current inflation picture in the United States. Speaking at a Central Bank Research Association-hosted event, he noted that price pressures remain elevated although there is progress on that front as coronavirus-pandemic effects have weakened and inflation expectations are still well-anchored. The impact of monetary tightening could be the highest only after a year or two, according to Williams, who confirmed he supported the Fed’s decision to hold interest rates in June. The housing market has been surprisingly resilient and the demand for labor remained strong, Williams added. NN: The FED is NOT done. And they could not be any clearer. Rates are going higher and far from peeking.