MNI BRIEF: Fed's Williams-Making Meeting By Meeting Decisions

New York Fed President John Williams said Monday he is making monetary policy decisions on a meeting-by-meeting basis, adding that this month's rate cut made sense given rising risks to employment, and leaves monetary policy at still-restrictive levels.

The Fed needs to "basically make the best judgment, meeting by meeting, as we get more data," Williams said during a Q&A in Rochester, NY. (See MNI INTERVIEW: Fed Right To Remain Cautious On Rate Cuts-Kohn)

Williams said the risks of worsening unemployment appeared to rise following recent downward revisions to the data while inflation appeared less of a threat than it had before, particularly as tariff-related price pressures have failed to substantially materialize. 

"We've seen the unemployment rate tick up, we've seen some other measures add to signs that the labor market is is softening. I don't want to see that go too far," he said.