Federal Reserve (Fed) Bank of New York President John Williams argued on Thursday that the Fed does not need to change monetary policy in the very near term," per Reuters.

Key takeaways

"Eventually will need to cut rates."

"A Fed rate hike is not part of the baseline view for outlook."

"Fed policymaking progress is working out economic imbalances."

"Core services ex-housing inflation is falling faster than expected."

"Shelter inflation slower to come down than expected."

"Recent inflation setbacks are not a surprise to the Fed."