This is an important contribution to the debate over the December rate cut, from NY Fed President John Williams, a top Powell lieutenant: “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 range of neutral.” “Looking ahead, it is imperative to restore inflation to our 2% longer-run goal on a sustained basis. It is equally important to do so without creating undue risks to our maximum employment goal.” https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-11-21-2025/card/fed-s-williams-sees-room-for-another-rate-cut-in-the-near-term--upGwtJ5edFz4XNVTAzKz(Nick Timiraos)