NY Fed Pres. John Williams: Some 'technical factors' distorted November's CPI reading downward
December 19, 2025 • 6m 36s
Steve Liesman (Senior Economics Reporter)
00:00.004
john
i
don't
know
that
the
extent
to
which
our
viewers
know
that
you're
one
of
the
world
's
experts
when
it
comes
to
understanding
this
concept
of
the
neutral
rate
the
rate
the
fed
would
set
to
not
grow
the
economy
and
stimulate
the
economy
or
not
cause
it
to
contract
in
your
Steve Liesman (Senior Economics Reporter)
00:15.964
view
where
are
we
relative
to
the
neutral
rate
John Williams (President)
00:18.524
well
if
the
way
i
think
of
the
neutral
rate
is
in
terms
of
the
real
or
inflation
adjusted
interest
rate
and
so
today
based
on
a
forecast
of
inflation
of
a
little
under
two
and
a
half
percent
for
next
year
that
puts
the
real
interest
rate
somewhere
around
one
to
one
and
a
quarter
John Williams (President)
00:32.484
percent
so
that's
in
the
kind
of
the
i
would
say
in
the
range
of
estimates
of
neutral
that
are
out
there
so
i
think
we
have
moved
toward
closer
to
to
neutral
my
personal
view
speaking
for
myself
is
that
the
neutral
rate
is
probably
a
little
bit
below
one
percent
so
we're
still
John Williams (President)
00:48.604
mildly
restrictive
in
terms
of
the
stance
of
monetary
policy
we
still
have
some
room
to
go
ultimately
to
get
back
to
neutral
but
that's
not
guiding
my
you
know
my
views
on
what
should
we
do
at
a
specific
meeting
that's
more
of
a
conceptual
framework
to
think
about
it
but
clearly
John Williams (President)
01:04.524
i
do
think
that
we've
gotten
closer
to
neutral
i
still
think
we're
a
little
bit
a
little
bit
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