More from Fed’s Williams: Not fairly able to say how massive first charge reduce must be

New York Fed Pres. Williams is answering reporters questions after his speech at the New York economics club and says:

• Not ready to say how big first rate cut should be
• it’s clear labor market imbalances have eased.
• Jobs market more consistent with pre-pandemic environment.
• Clear rates should fall, but pace, destination last clear

The initial reaction was that Williams was not on board for a 50 basis point cut. He may have read a little bit about the reaction and thought he might clarify that 50 basis points is still a possibility. WSJ Timiraos said soon after his speech that Williams did not make any effort to lay the groundwork for a 50 basis point cut.