Federal Reserve Chairperson John Williams: Will Review Inflation Framework, Inflation Target at 2%

Odaily News: Federal Reserve Chairperson John Williams testified before the House Financial Services Committee at the "Semiannual Monetary Policy Report" hearing, stating that he hopes economic growth will become broader and inflation increases more limited. Inflation is a "choice," and now is not the time for the Federal Reserve to shirk its responsibility for inflation. The Fed is committed to price stability, with an inflation target of 2%.

The Federal Reserve possesses the tools to achieve price stability. The Fed's framework in 2020 was a mistake and did not succeed. I am pleased that my predecessor later abandoned the 2020 Fed framework. I will review the inflation framework to understand the causes of inflation and what measures we can take. (Jin Shi)