New York Fed President John Williams said that while he expects inflation to ease over the next year the central bank will still have to work to lower inflation to its 2 percent target. In a videoconference with reporters, Williams said he expected that rates would rise in 2023 to somewhat higher levels than he had previously estimated. He said that if inflation declines next year, then the Fed may need to lower rates in 2024 to hold inflation-adjusted interest rates constant. The next Fed meeting takes place on December 13-14th, where it may raise interest rates by half of a percentage point.