Fed's Williams: Oil prices do influence inflation, and that impact would change near-term inflation outlook, will have to assess persistence

Thank you for the invitation to speak today. I look forward to our discussion. Events like this are essential to how the Fed operates and reflect the importance of the Fed’s regional structure. The district I represent at the Federal Open Market Committee (FOMC) covers a seven-state region, and discussions with local businesses and communities underpin my participation in the Committee. An important part of my job is to give voice to the concerns and insights of individuals in the 10th District when it comes to the economy and monetary policy. One of the benefits of the Fed’s structure, with 12 independent regional banks spread across the country, is that it allows a level of interaction and participation that would not be possible if operations were centralized in Washington. We are your Fed. You should feel a connection with this institution, and I hope our discussion today will make that connection more immediate and real. Before turning to the outlook for the economy and policy, let’s take a minute to look back. Way back. This year marks America’s 250th birthday. Though that might seem like some time ago, it is important to remember how new and revolutionary the United States was (and still is) as a system of governance and political organization. This is an experiment that has evolved and continues to evolve. But one outcome of that expe FED'S SCHMID SAYS NO ROOM TO BE COMPLACENT ON INFLATION SCHMID SAYS INFLATION IS HOT, DEMAND IS OUTPACING SUPPLY SCHMID SAYS DOES NOT MENTION IRAN CONFLICT IN PREPARED REMARKS SCHMID SAYS LABOR MARKET IS IN BALANCE

Fed Kashkari: I had thought monetary policy was in a good place. FED'S KASHKARI: FED NEEDS TO SEE HOW BIG AND LONG IRAN SHOCK WILL BE Fed's Kashkari: Uncertainty around a new tariff regime is an economic drag.

Trump: Israel didn't force my hand to attack Iran. Maybe I am the one who forced their hand Trump: Worst case is that we hit Iran and somebody takes over who is as bad as the previous person. We'd like to see somebody in there that's better. TRUMP: WE'RE DECIMATING IRAN TRUMP: YOU COULD HAVE OIL PRICES FOR A LITTLE WHILE BUT WILL DROP US President Trump: Iran No Longer Has Air Protection, Detection Facilities - There Was Another Hit Today On New Leadership - ‘We'll Just Continue To Go Forward’