Fed's Williams says now is time of uncertainty and change

By Michael S. Derby

May 9 (Reuters) - Federal Reserve Bank of New York President John Williams said Friday that uncertainty is high right now and will prevail for some time to come.

“We are experiencing a moment of great uncertainty and change,” Williams said in the text of a speech to be delivered to a conference in Iceland.

“There’s no doubt that uncertainty will continue to be the defining characteristic of the monetary policy landscape for the foreseeable future,” Williams said, adding “this is a direct result of structural changes in the global economic environment such as those posed by artificial intelligence, deglobalization, and innovations in the financial system.”

Williams did not comment on the economic outlook or monetary policy in his prepared remarks. He also said central bank independence delivers better outcomes.