MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

New York Federal Reserve President John Williams on Thursday said the central bank can take its time and let well-positioned monetary policy work and let the economy continue to rebalance.

"I definitely don't feel urgency to to cut interest rates. I think monetary policy is doing exactly what we'd like to see," he said in Q&A at a Semafor event. "My expectation is inflation gets all the way to 2% on a sustained basis as the economy's in good balance. Interest rates will need to be lower at some point, but the timing is driven by the economy."

Williams, vice chair of the FOMC, said his base case does not include raising the fed funds rate further. (See: MNI INTERVIEW: Fed Only Likely To Cut Once This Year- Giannoni)