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"Maybe we have a new version of Lord Acton's law: easy money corrupts, and really easy money corrupts absolutely."
"For us it's not the growth side of things that is wrong, it's the rate side that has gone a little bit too far too fast, a little bit exuberant."
The world's biggest money manager warns that expectations for sharp interest-rate cuts may not materialize, given the risk of resurgent inflation.
![Fed's Williams warns no rate cuts until inflation moves down to 2% on 'sustained basis' [Video] - Vimarsana News](https://s.yimg.com/ny/api/res/1.2/ecA5ZmgyZF2RiSPqXeBCbg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD04MDA-/https://media.zenfs.com/en/aol_yahoo_finance_433/0e103f2e6eb1d68a06d23b5b7d3ffedf)
New York Fed President John Williams pushed back against Wall Street hopes for quick rate cuts, predicting that would happen only when the central bank is convinced inflation is moving closer to its 2% target.
"When things fall apart, they fall apart fast," according to one Wall Street veteran who sees a recession in 2024.