(Reuters) – Federal Reserve officials have their sights set on bringing inflation to 2%. Ending the taper before March gives them more “optionality” to increase interest rates next year, New York Fed Bank President John Williams stated on Friday.

Williams explained that because of inflation, it was sensible for officials to increase the pace at which they taper in order to stop purchases before June. He said that it might not be necessary for the taper to accelerate any further.

Williams stated that the end of the program is imminent. He said it would be completed by mid-March. I don’t think there is any benefit in trying to accelerate it further.

Williams spoke days after Fed officials declared a quicker taper. He indicated that they may raise interest rates 3 times next year to respond to increased inflation.

His words were: “It’s about getting our monetary policy stance into a favorable position, and also creating the option at some time next year, most likely to start actually raising the federal funds target range.”

According to the policymaker, any future interest rate decisions would be influenced by economic data.

Williams stated that he anticipates continued labor market growth and believes the U.S. unemployment rates will drop to 3.5% before 2022. According to Williams, growth should be “well beyond trend” for next year. He expects inflation to fall while still being above the Fed’s 2% target.