NEW YORK Federal Reserve Bank of New York President John Williams said lowering inflation pressures is a key mission for the central bank, in comments released Monday.

Restoring price stability is “of paramount importance,” Williams said as part of a panel discussion held at Bank for International Settlements on Sunday. Williams, who is vice-chairman of the Fed’s rate setting Federal Open Market Committee, did not comment on the monetary policy outlook in his opening remarks.

(Reporting by Michael S. Derby)