Fed's Williams Reports Progress on Inflation but 2% Target Remains Elusive

New York Federal Reserve President emphasizes commitment to achieving long-term inflation goals despite recent advances.

Inflation has decreased to 2.6% from a peak of 7.1% during the pandemic.
The Fed has maintained interest rates in the 5.25%-5.50% range since last July.
June meeting minutes reflect growing confidence among policymakers about easing price pressures.
Williams stresses the importance of economic data in guiding future Fed decisions.
Market expectations for a rate cut in September have increased.