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- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
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- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
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Fed can achieve economic 'soft landing,' but it won't be easy: Williams
The US central bank can bring inflation down by raising interest rates without jeopardizing growth in the world's largest economy, although it will be a challenge, a top Federal Reserve official said Thursday.
"I think we can achieve a soft landing," New York Fed President John Williams said in an interview with Bloomberg.
A wave of price increases caused by high demand and supply chain challenges was made worse by the Russian invasion of Ukraine, which hit food and fuel prices, sending US inflation to its highest level in four decades.
But Williams said Fed interest rate hikes are "really well suited" for addressing the imbalances between supply and demand in the US economy without causing a downturn.
The Fed can "just take the froth... out of the economy" to put it on sustainable footing.
But he acknowledged that "it's not going to be easy," given the "unique set of circumstances" facing the economy due to the ongoing challenges of the pandemic and the Russian invasion of Ukraine.
Williams serves as vice chair of the Fed's policy-setting committee, which last month raised the benchmark lending rate for the first time since cutting it to zero at the start of the pandemic in early 2020.
Since then, a steady stream of central bankers have signaled plans for aggressive rate hikes to try to douse the inflation fires, with multiple half-point rate hikes likely starting at the May 3-4 meeting. The Fed also intends to reduce its massive bond holdings, which also should have the effect of tightening policy.
The actions already have had an impact on financial conditions, Williams said, which is "positioning policy well to get the supply and demand back into balance and set us up for bringing inflation down over the next couple of years."
Y.Ibrahim--CPN