The Fed has seen a series of its officials giving speeches in which each provides their view of inflation and what needs to be done.

While Chair Jerome Powell is scheduled to speak today at 1:30 at the Brookings Institution and drop more hints, yesterday saw John Williams, CEO and president of the Federal Reserve Bank of New York, have his turn. In a videoconference with the Economic Club of New York, Williams touched on some high-level theory—a description of inflation causes as layers in an onion—but then moved into some predictions that were harder in multiple sense of the word, both as more specific and more potentially more painful.

One was an estimate that real GDP after inflation will grow only modestly in 2022 and 2023.

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