Federal Reserve Gov. Christopher Waller said the central bank should lower its target interest rate now and execute a series of cuts in months ahead.

Following the August jobs report, John Williams said the economy is "now in equipoise," with easing inflation and historically low unemployment.

By Michael S. Derby NEW YORK (Reuters) -Federal Reserve Bank of New York President John Williams said on Friday a more evenly balanced economy has opened the door to central bank rate cuts, with the full course of action to be determined by how the economy performs.

"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," John Williams, president of the Federal Reserve Bank of New York said during an event on Friday.

Federal Reserve Bank of New York President John Williams said it is now appropriate for the central bank to reduce interest rates, given progress on lowering inflation and a cooling in the labor market.

Federal Reserve Bank of New York President John Williams said he's seen enough data to be comfortable with a rate cut at the Federal Open Market Committee meeting later this month.