Federal Open Market Committee (FOMC) Vice Chairman John Williams explicitly pushed back against market pricing for an October rate hike, stating there is "no urgency to act" and the Federal Reserve has "time to gather more information." He elaborated on his baseline assessment that "it may be appropriate to raise rates one more time" later this year if the economy evolves as he forecasts. Williams believes the economy is "strong, even showing signs of strengthening," and expects inflation to fall from 3.5% this year to "just over 2%" next year. Following Federal Reserve Chairman Warsh's press conference two weeks ago, the market had pushed the probability of an October rate hike above 50%, with recent futures markets even reaching 70% at one point.