New York Fed President: "US Growth Slowing... Not a 'Recession'"

[Asia Economy New York=Special Correspondent Joselgina] John Williams, President of the New York Federal Reserve Bank, stated on the 28th (local time) that despite significant interest rate hikes to ease inflation, the U.S. economy is expected to avoid a recession.

In an interview with CNBC Squawk Box, President Williams said, "The U.S. economy is strong." He added, "Growth this year will slow considerably compared to last year," but emphasized, "That is not a recession." He further explained, "It is a slowdown in the economy that we need to see to ease inflationary pressures and reduce inflation."

President Williams also stressed that the Federal Reserve (Fed) needs to continue raising interest rates more aggressively to lower inflation. He forecasted that the federal funds rate would rise from the current 1.5?1.75% to 3?3.5%. He said, "We are far from where we need to be," and added, "Given the high inflation, my baseline forecast is that we will need to enter a somewhat restrictive range next year." He also emphasized the importance of "relying on data."