02:32 PM EDT, 03/21/2025 (MT Newswires) -- New York Fed President John Williams (voter) said there is a high degree of uncertainty in the economic outlook, but monetary policy is well-positioned no matter how the situation evolves to support the Fed's dual goals of maximum employment and lowering inflation to the 2% goal.

Chicago Fed President Austan Goolsbee (voter) said in a CNBC interview that uncertainty and anxiety remain high and that the FOMC will act cautiously when determining monetary policy but added that he expects rates will be cut further when the outlook becomes more clear.

Recent comments of note:

(March 19) The FOMC held the current range of the federal funds rate at 4.25% to 4.50% and still sees two rate cuts in each of the next two years and one in 2027 but increased its inflation forecasts for 2025 and lowered its growth forecast due to uncertainty. The FOMC will now allow up to $5 billion of Treasury securities to roll off its balance sheet, down from $25 billion previously, with Fed Governor Christopher Waller dissenting, wanting the pace of roll offs to remain.

(March 19) Fed Chairman Jerome Powell (voter) said that the FOMC does not need to rush to lower interest rate, particularly due to the heightened uncertainty around the economy in general and tariffs. Powell added that it is difficult to determine the exact impact of tariffs on inflation expectations but conceded that it was likely a "good part" of it and that the FOMC will wait for more clarity before adjusting rates.

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