New York Fed President Says Inflation Is Still 'Too High,' Work Isn't 'Nearly Done'

John Williams, president of the Federal Reserve Bank of New York, said interest rates should be maintained with a "restrictive stance for quite some time" to bring inflation back to the 2% target.

"Inflation surged to a 40-year high of just over 7%in June of last year. Since then, we have seen the inflation rate fall to 3 percent," Williams said in prepared remarks for an event Thursday. "This is a significant and welcome decline. Nonetheless, inflation is still too high."

The New York Fed president made the comments in...