New York Federal Reserve President John WilliamsThomson ReutersFederal Reserve Bank of New York President John Williams said the economy is "now in equipoise."He pointed to easing inflation and historically low unemployment, despite an uptick in recent months.Williams spoke after the highly-anticipated August jobs report came in line with expectations.In remarks following the August jobs report release, Federal Reserve Bank of New York President John Williams said economic conditions call for interest rate cuts.Williams pointed to easing inflation, adding in a moderated discussion that the US is seeing a historically low unemployment rate."With the economy now in equipoise and inflation on a path to two percent, it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate," Williams said in a speech on Friday.Williams spoke after the highly anticipated August jobs report, which showed the unemployment rate ticked down even as fewer jobs than expected were added in August.

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