The Federal Reserve has seen encouraging economic news, but the road is not smooth.
Mr. Williams said the 50 basis point cut in September was not "a rule for our future actions" and that officials' latest dot plot of interest rate forecasts was a "very good base case".
Federal Reserve Williams said that individuals have no opinion on whether to cut interest rates by 25 or 50 basis points in September; labor market imbalances have eased significantly; non-farm payrolls data have strengthened the signs of labor market cooling.