NY Fed President John Williams says he "strongly" supported last week's policy decision and reaffirms the reaction function he sketched out last month. He expects inflation to decline but says "it would absolutely be appropriate" to raise rates if inflation doesn't. "I am quite honestly focused quite a bit on, what are we seeing in the core inflation ​data over the next several months, and is that consistent with a kind of a run rate of inflation moving towards 2% and really on a disinflationary path consistent ​with us achieving our 2% inflation goal on a sustained basis by 2028." "My forecast personally is for inflation to come down in ⁠the second half of this year and come down further next year." "If ​the economy is not on a trajectory that will bring inflation back down to 2% ... it would absolutely be appropriate to act to get us on a trajectory that does bring inflation back ​to 2%.” via Reuters @michaelsderby