Fed's Williams says 'too early to say' what central bank should do at January meeting

By Michael S. Derby

Dec 15 (Reuters) - New York Federal Reserve President John Williams said on Monday the U.S. central bank did the right thing in cutting interest rates last week, but what happens next is hard to say.

"I was very supportive of the decision we made" to cut the Fed's benchmark interest rate by a quarter of a percentage point, Williams told reporters at an event in Jersey City, New Jersey. Looking to the January 27-28 policy meeting, "we're going to wait and collect all that data" and "it's too early to say" what the next monetary policy decision needs to be, he said.