Fed's Williams Says November Inflation Report Was Likely Distorted -- WSJ

Dow Jones12-19

By Matt Grossman

New York Fed President John Williams said Thursday's November inflation report was likely distorted by technical factors, echoing a chorus of economists and confirming the central bank will be eager for further data ahead of its late January policy meeting.

The report said annual inflation stood at 2.7%. In an interview on CNBC Friday morning, Williams said hurdles caused by the government shutdown may have pushed that rate down by roughly a tenth of a percentage point.

Before its next meeting, the Fed will get a look at December inflation data. With those figures, "I think we'll get a better reading of how big that distortion-how big the effect was," Williams said.

After the Fed's three straight rate cuts to end 2025, there is no rush to bring rates lower again given that inflation remains above the Fed's 2% target, Williams said. Monetary policy is well positioned, he added, echoing comments he made earlier this week.

"I don't personally have a sense of urgency to act further on monetary policy right now," Williams said.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

December 19, 2025 09:29 ET (14:29 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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In an interview on CNBC Friday morning, Williams said hurdles caused by the government shutdown may have pushed that rate down by roughly a tenth of a percentage point. \n\n\n     Before its next meeting, the Fed will get a look at December inflation data. With those figures, \"I think we'll get a better reading of how big that distortion-how big the effect was,\" Williams said. \n\n\n     After the Fed's three straight rate cuts to end 2025, there is no rush to bring rates lower again given that inflation remains above the Fed's 2% target, Williams said. Monetary policy is well positioned, he added, echoing comments he made earlier this week. \n\n\n     \"I don't personally have a sense of urgency to act further on monetary policy right now,\" Williams said. \n\n\n       This item is part of a Wall Street Journal live coverage event. 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