New York Fed President John Williams said that “from the domestic point of view, things are strong and continue to be strong”. However, “we’re dealing with various global factors we’re trying to navigate”. The US is facing headwinds from global slowdown, trade uncertainties and muted inflation pressures. As a result, “growth is starting to slow in the US”.

Nevertheless, Williams still believed that Fed has “monetary policy in the right place”. The three rate cuts since July put policy “well-positioned for a future that is uncertain.” Still, policy was “not locked in” and would respond to incoming data.

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