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.

The economy is in a very good place and has returned to balance, as have the risks to the two sides of our mandate,” Williams said.

While monetary policy is set to keep the risks to the Federal Reserve's dual mandate in balance, the journey towards lower inflation "will take time, and the process may well be choppy," New York Fed President John Williams said Wednesday.