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.

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.

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.