Federal Reserve Bank of New York President John Williams voiced confidence that inflation would continue to recede after a report on consumer prices came in better than expected, without offering any hints on the timing of additional interest-rate cuts.

In the wake of Wednesday's official report on consumer prices, three officials who set the nation's monetary policy said they're confident the inflation rate will someday fall to typical pre-pandemic levels.

New York Fed President John Williams said he expects inflation to continue cooling toward the central bank’s 2% target this year, adding that he won’t be satisfied until the goal is reached.