Federal Reserve Bank of New York President John Williams said on Wednesday that he expects an interest rate cut will happen at the end of 2024 as he "doesn't see urgency" and there is no rush to do it in the first half of the year.
Williams added that current economic behavior "doesn't suggest" another increase in interest rates is needed, while highlighting that 2023 was an "amazing year" for the country, emphasizing that much of what happened in the economy is a "reversal" of the COVID-19 pandemic.
Furthermore, the central banker said that the Federal Reserve is "dealing with a strong economy, adding lots of jobs," and he expects stronger progress on reducing the inflation to the 2% target.