Federal Reserve Bank of New York President John Williams said Tuesday interest rates will come down gradually over time but he declined to say when the central bank can kick off the process of easing monetary policy.

"I expect interest rates to come down gradually over the next couple of years, reflecting the fact that inflation is coming back to our 2% target and the economy is moving in very strong, sustainable path," Williams said in an interview on the Fox Business television channel.

(Reporting by Michael S. Derby; Editing by Andrew Heavens)