(Reuters) -Federal Reserve Bank of New York President John Williams said Monday that emerging signs of weakness in the labor market drove his support for cutting interest rates at the most recent central bank meeting.
“It made sense to move interest rates down a little bit” and “to take a little bit of the restrictiveness out of there,” to help bolster the job market while still keeping some downward pressure on inflation levels that are still high, Williams said during an appearance in Rochester, N.Y.
Earlier this month the Fed cut its target rate range by a quarter percentage point to between 4% and 4.25%.
(Reporting by Michael S. Derby, Editing by Franklin Paul)
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