John C. Williams

John C. Williams received a PhD in economics from Stanford University and spent most of his career at the Federal Reserve Bank of San Francisco before becoming President of the Federal Reserve Bank of New York in 2018. The New York Fed holds special significance as the only regional bank with a permanent vote on the Federal Open Market Committee and as the primary conduit for the Fed's market operations. Williams is known as a rigorous monetary economist, having done important work on the "neutral interest rate" (r-star) and its decline over the past few decades. His research on the long-run neutral rate has been influential in shaping how the Fed thinks about appropriate levels of monetary accommodation. As NY Fed president, he oversees the bank's supervision of large global financial institutions and its role in global dollar markets.