John Williams, president of the Federal Reserve Bank of New York, is expecting America’s economic growth to slow down and inflation to cool in the coming years.
Due to the Fed’s tightening monetary policy, broad measures of financial conditions, including borrowing, equity prices, and mortgage rates, have become “significantly less supportive of spending.” Williams said during a speech at the Economic Club of New York on Nov. 28. “This has led to a decline in activity in the housing market and signs of general slowing in consumer expenditures and business investment spending. As this continues, I expect real GDP to increase only modestly this year and in 2023,” he stated.
