John Williams Advocates for More Rate Cuts Amid Labor Market Risks

John Williams, President of the Federal Reserve Bank of New York, has expressed support for further interest rate cuts this year due to rising concerns over the labor market's stability. In an interview with the New York Times, Williams emphasized that the current economic conditions do not suggest an impending recession.

Williams, also serving as the vice chair and a permanent voting member of the Federal Open Market Committee, stated, "My own view is that yes, we would have lower rates this year, but we'll have to see exactly what that means." Despite the noticeable slowdown, he believes a prudently-implemented rate cut could help temper a more drastic cooling of the job market.

The statements coincide with the published minutes of the Fed's September meetings, which highlighted increased risks in the U.S. labor market. The central bank aims to carefully balance inflation control and labor market stability. The Fed's next meeting is scheduled for October 28-29, where another rate cut is anticipated amid external pressures and internal strategic goals.

(With inputs from agencies.)