Earlier, Williams delivered a speech at the annual meeting of the Central Bank Research Association in which he said, 'It's better to take preventative measures than to wait for disaster to unfold.'
New York Federal Reserve President John Williams was drawing from academic research when he said central bankers need to "act quickly" as economic growth slows, a representative for the central bank says.John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York, March 6, 2019.
"This was an academic speech on 20 years of research. It was not about potential policy actions at the upcoming FOMC meeting," a spokesperson for the New York Federal Reserve told CNBC.at the annual meeting of the Central Bank Research Association in which he said, "It's better to take preventative measures than to wait for disaster to unfold."
His comments come as Wall Street expects the U.S. central bank to cut its benchmark interest rate during the July 30-31 meeting.
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