NY Fed President John Williams: Inflation is "unquestionably elevated and well above" target, reflecting tariffs, energy, and AI-related demand for tech goods. "In coming quarters, however, I expect inflation readings to edge down" for several reasons: First, tariff effects "appear to have mostly played out." Second, a base case is that Hormuz related supply disruptions "are resolved relatively soon." Third, housing inflation should continue to slow. Fourth, there's no evidence of labor-market driven price pressures. The punchline: "Given the elevated level of inflation, it is imperative that we restore it to our 2% longer-run goal on a sustained basis. The current stance of monetary policy is well positioned to do that."