Federal Reserve Bank of New York President John Williams told the Economic Club of New York on Tuesday that the Fed needs to be data-dependent with monetary policy and reminded that the Fed will raise rates again if needed, as reported by Reuters.

Additional takeaways

"Fed has not said it's done raising rates."

"Fed has made incredible progress on monetary policy."

"I don't see any reason to cut rates this year."

"Generally speaking supply is still out of balance with economy."

"Fully confident Fed can get inflation back to 2%."

"Structural shifts will not impair Fed work to hit inflation target."

"I don't have recession in baseline forecast."

"Economy has risks to both up and downside."

"Expecting credit to be tighter, more expensive."

"Tighter credit may blunt how far Fed goes with rate hikes."

"I don't see tighter credit knocking economy totally off course."