New York Federal Reserve Bank president John Williams said on Wednesday the central bank is determined to bring inflation down to its 2% target in the next few years.

“Our job is clear: our job is to make sure we restore price stability, which is really the foundation of a strong economy,” Williams said at a conference hosted by the bank, according to a Reuters report.

Williams also noted that with global supply chains still disrupted, prices may not fall any further and inflation in core services other than housing remains far too high as demand is relatively higher than supply.

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On Wednesday minutes of Federal Committee of the Free Market Policy meeting noted that while participants agreed that there have been recent signs of moderation in inflationary pressures, they remain well above the Committee’s longer-term target of 2% and that the labor market remains very tight, Contributing to ongoing upward pressure about wages and prices.

Major indices closed mixed after the minutes were released. The SPDR S&P 500 ETF Trust SPY closed 0.14% lower during the Invesco QQQ Trust Series 1 QQQ closed 0.075% higher.

Bullard’s RRemarks: Federal Reserve St. Louis president James Bullard said a relatively aggressive rate hike would now give the FOMC a better chance of curbing inflation.

“It’s become popular to say, ‘Let’s slow down and make our way to where we need to be.’ We’re still not at the point where the committee has set the so-called final rate,” he said told CNBC.

“Our risk now is that inflation doesn’t go down and picks up again, and then what do you do? We have to react, and if inflation doesn’t start to fall, you’re risking this repeat of the 1970s… and you don’t want to respond to that. Now let’s be sharp, let’s get inflation under control in 2023,” Bullard said.

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