William Williams, the President of the New York Federal Reserve (who enjoys permanent voting rights in the FOMC and is known as one of the three key figures in the Federal Reserve), stated in his speech that the current economy is in a balanced state and the inflation rate is heading towards 2%, so it is appropriate to reduce the target range for the federal funds rate to lower the restrictive nature of the policy stance. Later, Williams mentioned in the discussion that he hopes to study the August non-farm payroll report more carefully, while also pointing out that the latest data "matches what we have been seeing - economic slowdown and cooling labor market." Williams later told reporters that the employment data further confirmed the cooling of the labor market. He stated that he has no idea whether the Federal Reserve should cut rates by 25 or 50 basis points.