New York Fed President John Williams said Thursday interest rates will come down "at some point" without referencing any specific dates. The central bank has now held its benchmark overnight rate at a 23-year high for close to a year.

"At some point interest rates in the U.S. will eventually need to come down, but the timing will be driven by how we're doing on our goals and how do we best balance the various risks," Williams told the Economic Club of New York. "I will not answer on a calendar or anything like that," he said, when asked how many more months before the Fed can lower interest rates. (See: MNI INTERVIEW: CPI Keeps Fed On Track For '24 Cuts-Ireland)

Williams added he expects shelter inflation to continue to move down based on market rents. "I feel things are going in the right direction," he said. "I can collect more data on the inflation side and again, looking at all the data, I don't feel any urgency."