Significant progress has been made on inflation (Il Sole 24 Ore Radiocor) - Washington, 05 Jul - The Federal Reserve has made good progress in bringing down inflation towards its 2% target rate but is still "a way" from completing the job, New York Fed Bank President John Williams said.

Inflation is now around 2.5% which means "significant progress" has been made in lowering it, Williams said in prepared remarks for an event.

"But we still have a way to go to reach our 2 percent target on a sustained basis. We are committed to getting the job done," he said.

Fed minutes released earlier this week from the bank's most recent monetary meeting in June said significant steps had been taken on taming inflation but cautioned more evidence was needed to show the downward trend was sustainable long-term before it committed to any rate cut.

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(RADIOCOR) 05-07-24 14:21:07 (0392) 5 NNNN