Fed’s Williams says interest rates need to stay high ‘for some time’ to ensure inflation is tamed

New York Federal Reserve President John Williams said U.S. interest rates will likely need to stay high “for some time” until senior central bank officials are confident the rate of inflation is returning to 2%.

Williams made his remarks Tuesday at a speech in White Plains, N.Y. He is seen as a close ally of Fed Chairman Jerome Powell, so his words carry a lot of weight in financial markets.

The…