Fed’s Williams says there may be ‘bumpy road’ getting inflation back down to 2% target

New York Federal Reserve President John Williams on Friday said it was “absolutely essential for the economy” to bring inflation back down to the central bank’s 2% longer-run goal, but warned it may be a ‘bumpy road’ to get there.

“We must be resolute, and we cannot fall short,” Williams said, in a speech to students at the University of Puerto Rico.

The…