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New York Fed President John C. Williams delivered the 4th Suresh Tendulkar Memorial Lecture at the Reserve Bank of India in Mumbai on July 5, 2024. In his remarks, he discussed the key principles of inflation targeting strategies that have proven foundational in helping the Fed and other central banks manage extreme uncertainty. These principles include the need for central banks to own the responsibility for price stability and have independence to act to achieve it; transparency and clear communication of goals, including an explicit numerical inflation target; and well-anchored inflation expectations.