New York Fed President Williams Downplays Sustained Energy Price Surge, Cautions on Rate Hike Analysis

Federal Reserve Bank of New York President John Williams stated that he does not anticipate a sustained increase in energy prices for the remainder of the year, despite renewed conflict in the Middle East. He believes market fundamentals suggest oil prices will decline over the next 6-12 months. Williams also noted that the Federal Open Market Committee (FOMC) has not yet begun analyzing a potential rate hike for its upcoming July 28-29 meeting.