To The Moon

New York Fed President John Williams said he fully supported the central bank's two recent interest-rate cuts and signaled he could support another move "in the near term" to put rates closer to a neutral setting that neither spurs nor restrains the economy."I still see room for a further adjustment in the near term to the target range for the federal-funds rate to move the stance of policy closer to the range of neutral," Williams said in remarks prepared for delivery on Friday at a conference in Chile.Fed officials are divided over whether to cut rates again at their meeting next month. The decision is shaping up to be a close call that may ultimately be decided by Fed Chair Jerome Powell. Williams's remarks are notable because he is a top ally of Powell and because a growing number of their colleagues have suggested they don't favor a December cut.Williams said he had supported the recent rate cuts because he judged the risks of weaker-than-anticipated employment outcomes had increa