New York Fed President John Williams has said the US central bank is in no hurry to raise interest rates again, pushing back against market bets on an October hike.

Speaking at the University at Buffalo on September 29, Williams said there was “no need for urgency” after the September increase. He added that watching incoming data would provide greater clarity on the economy’s performance.

Williams said one more upward adjustment could be appropriate late this year if the economy evolved in line with his forecast. He called 3.7 per cent inflation “unquestionably too high” for comfort.

The September hike lifted the federal funds target range to between 3.75 and 4 per cent. Futures markets had priced in a strong chance of an October move, but the odds fell to about 45 per cent after his remarks.

The Fed’s two remaining meetings of 2026 are on October 28 and December 9. Williams stressed that the totality of the data, not the calendar, would determine the timing of any next step.