John C. Williams, President of the Federal Reserve (Fed) Bank of New York hit newswires during a speech a t the Milken Institute Global Conference in Beverly Hills on Monday. NY Fed President Williams is a voting member of the Federal Open Market Committee (FOMC), the Fed's key body responsible for interest rate decisions.

Key highlights:

• Eventually there will be rate cuts.
• Williams is seeing job growth moderating.
• Fed is looking at totality of economic data.
• It is worrisome when monthly inflation prints come in higher.
• Fed balance sheet wind-down has gone smoothly.
• Consumers are still spending, Williams sees GDP in the 2.0-2.5% range in 2024.
• Expects good though somewhat slower GDP growth.
• Seeing signs of more consumer caution on spending.
• Economy is still healthy, but is growing more slowly.
• Higher government debt means somewhat higher global rates.