New York Federal Reserve Bank President John Williams on Monday said that he believes the U.S. central bank will need to raise rates to a level sufficiently restrictive to push down on inflation, and keep them there for all of next year.

"I do think we're going to need to keep restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, adding that he does not expect a recession. "I do see a point, probably in 2024," when the Fed will start reducing interest rates, he said.