PANews reported on October 9th that, according to a New York Times report, Federal Reserve Chairman Williams said he supports further interest rate cuts this year, despite inflation having deviated from the central bank's 2% target in recent months. His rationale revolves around the already cracked labor market. Williams said he wants to prevent these cracks from deepening. He doesn't believe the US economy is on the brink of a recession, but the slowdown in monthly job growth, coupled with other signs that businesses are more hesitant to hire, warrants attention. Williams noted that the Fed has flexibility to support the labor market because the inflation outlook looks less dire than it did earlier this year. Trump's tariffs have raised some consumer prices, but he expects the impact on inflation will fade over time, despite the president's new import taxes on products like furniture and pharmaceuticals. "I'm very concerned about the risk of a further slowdown in the labor market," Williams said, adding that if the economy develops as expected—with inflation rising to around 3% and unemployment slightly above the current 4.3%—he would support "lowering interest rates this year, but we need to see what that means in detail."