Federal Reserve Bank of New York President John Williams said he sees room for the US central bank to cut interest rates again in the near term as the labor market softens. In the text of a speech he delivered Friday in Santiago, Chile, Williams said downside risks to employment have increased while upside risks to inflation have eased. “I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions,” he said. “Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the ... (full story)