FED'S WILLIAMS SAYS IT IS IMPERATIVE TO GET INFLATION BACK TO 2% AND THAT THE FED MUST MAKE SURE HIGH INFLATION DOES NOT BECOME ENTRENCHED, WHILE FED POLICY CAN ENSURE THE IMPACT OF SUPPLY SHOCKS IS NOT LONG-LASTING, SEEING INFLATION AT 3.5% THIS YEAR BEFORE HITTING THE 2% TARGET IN 2028.