According to online reports, New York Fed President Williams said he predicted that interest rate cuts would "become appropriate" over time,"but did not clearly specify the timing or pace of such actions. "Looking forward, if our dual mission goals continue to make progress in accordance with my baseline forecast, I expect that over time, a shift in interest rates to a more neutral stance will be appropriate," Williams said Thursday in a speech prepared for the New York Economic Club event. Williams said the Fed was facing a "delicate balance" in terms of employment and inflation risks. "On the one hand, we need to keep the labor market balanced to ensure that the impact of tariffs does not spill over into a more sustained broad-based inflation rise," he said. On the other hand, maintaining a stance of 'too tight policies for too long' could pose risks to our greatest employment mission." He also said that so far, the impact of tariffs on inflation has not been as severe as initially feared, although he added that "it is too early and the impact of tariffs will take time to fully manifest."