Fed's Williams Says Inflation Persistently Away From Target Does Pose The Risk Of Changing Inflation Expectations; That Has Not Been Happening So Far; Hard To Make A Comparison Of Iran Conflict To Russian Invasion Of Ukraine, Since Persistence Of The Oil Shock Is Not Clear; The First Order Of Reason To Cut Rates Is To Maintain A Constant Real Rate As Inflation Falls; A Second Consideration Is Whether Policy Needs To Be Closer To Neutral; Says He Still Feels Fed's Policy Rate Is Modestly Above Neutral Rate