US Economy Still Faces Risks to the Downside: NY Fed President Williams
According to New York Federal Reserve President John Williams, the US economy continues to face downside risks as a result of the overall weakness in global economic growth and low inflation. Williams made these comments while speaking to the media at a capital markets conference in Washington on Tuesday.
He agreed with other Fed officials that the monetary policy is appropriate for the present state of the economy, following the three rate cuts this year. The most recent rate cut by 0.25% took place in October but the Fed signaled that it would pause rate cuts for now unless the economic outlook for the US worsens.
According to Williams, the Fed was likely to observe wider trends instead of focusing on discreet data sets to re-evaluate its monetary policy decision in the future. Any changes in global economic growth on an ongoing basis or further weakness in US inflation could convince the Fed to make its monetary policy more accommodative.
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