the next few years, eventually bringing the federal reserve's securities holdings to a level consistent with the ample reserves framework that the fomc reaffirmed in january when it released its principles for balance sheet reduction. 3 economic outlook even before it took these actions, the fomc communicated a path of raising the target federal funds rate and reducing the balance sheet. those communications and subsequent actions are having a meaningful effect on broad financial conditions. for example, since the beginning of the year, both two - year treasury yields and 30 - year fixed mortgage rates have risen more than 2 percentage points. we have seen a significant tightening of financial conditions abroad as well. our monetary policy actions will cool the demand side of the equation. i also expect that over time, the factors contributing to supply shortages will be resolved, so that some of the rebalancing will be accomplished through increases in supply, both in the united states and around the world. for 2022, i expect core pce inflation to be nearly 4 percent, before falling to about 2 a½ percent next year. i expect inflation to further decline to close to our 2 percent longer - run goal in 2024. i expect the labor market and economy to continue to show strength and resilience. for 2022, i expect gdp growth to be around 2 percent and the unemployment rate to remain around its current low level. conclusion reducing inflation to our longer - run goal while keeping the labor market strong is the challenge of our time. the ongoing pandemic and war in ukraine bring a tremendous amount of complexity and uncertainty. we will need to be data dependent and adjust 3 / 4 bis - central bankers'speeches our policy actions as circumstances warrant. we have the right tools, and we will use them to meet this challenge. 1 board of governors of the federal reserve system, federal reserve issues fomc statement, may 4, 2022. 2 board of governors of the federal reserve system, plans for reducing the size of the federal reserve's balance sheet, may 4, 2022. 3 board of governors of the federal reserve system, principles for reducing the size of the federal reserve's balance sheet, january 26, 2022. 4 / 4 bis - central bankers'speeches

john c williams : the economy in the time of coronavirus remarks ( via videoconference ) by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the buffalo niagara partnership, the greater rochester chamber of commerce, and centerstate ceo, 21 may 2020. * * * as prepared for delivery introduction it ’ s a pleasure to be able to join you all from my apartment in manhattan. i sincerely look forward to the day when we can again meet in person. in a short period, our lives have changed in unimaginable ways : things that we took for granted — like eating at a restaurant, or going to a movie — are no longer possible in many places. for the first time in our lifetimes, governments around the world have had to take the extraordinary action of shutting their economies down. those workers who continue to deliver essential services face very real risks, and my deep gratitude is with all those working in hospitals, law enforcement, transportation, and grocery stores. all essential workers have the thanks of everyone at the new york fed. what started as a healthcare crisis has had profound consequences for the u. s. and global economies. we all know the incredible strain that new york city has been under, with numerous patients still being diagnosed with covid - 19 on a daily basis. but upstate new york has also been deeply affected — not just by the spread of the virus, but also by the profound economic fallout. the cause of this recession — a global pandemic — means that our economic future will be determined in large part by the path of the virus. it ’ s impossible to know exactly how and when workers and businesses will be fully back to work and when consumers will return to the businesses that are open. despite the uncertainty, i ’ m going to spend some time today discussing what the scale of the challenge looks like for new york state, and for the u. s. economy as a whole. i ’ m also going to outline the federal reserve system ’ s response. the fed is well - known for setting interest rates. but we play a number of other roles, and have a key responsibility for ensuring that the financial system is working to support the economy, which has been crucial during this crisis. before i continue, let me give the fed disclaimer that the views i express are mine alone and do not necessarily reflect those of the federal open market committee or anyone else in the federal reserve system. a diverse