Federal Reserve Bank of New York President John Williams said Thursday that while the central bank will be able to cut its interest rate target at some point it does not need to act now.

Monetary policy is currently in a “good place” and “there's no clear need to adjust monetary policy in the very near term” given where the economy now stands, Williams told reporters after a speech. Williams also said that a rate increase is not in his current forecast, and he noted that “eventually” rate cuts will be needed.

(Reporting by Michael S. Derby)