U.S. central bankers on Tuesday said they continue to believe inflation is heading down to their 2% target and signaled support for further interest rate cuts ahead, but none pushed strongly for or against doing so when they next meet to set rates in two weeks.

The Federal Open Market Committee is most likely to cut interest rates again to 4.25% to 4.5% on December 18 according to fixed income markets.

At the Queens Chamber of Commerce, Williams explained that the Fed is reducing rates because “while growth in demand has been strong, growth in supply has been even stronger.” They have thought that by allowing more economic activity with lower rates, the overall economy could come back into balance.