Axios recently sat down with Federal Reserve Bank of New York President John Williams for an exclusive interview on the economy. The big picture: In a 40-minute conversation, Williams suggested the Fed's 2024 plan — to move cautiously and deliberately toward interest rate cuts, and gradually wind down its policy of shrinking its balance sheet — is very much intact. Driving the news: Uncomfortably hot January inflation and job growth numbers have gotten the attention of Wall Street, and pushed back expectations about when rate cuts may arrive — and even prompted murmurs about the possibility of another rate hike. Williams' comments to us, paired with other official comments this week, suggest a more "steady-as-she-goes" approach. What he's saying: "My overall view of the economy basically hasn't changed based on one month of data," Williams said. He and his colleagues have expected inflation to move up and down month to month, after all. "It can be a little bit bumpy on the way." As for what it will take for rate cut relief to come, Williams said that "things are moving [in] the right direction." "At some point, I post: Fed’s Williams: View of Economy Hasn’t Changed After Jan Data, Things Moving in Right Direction-- Axios Interview post: FED'S WILLIAMS: RATE CUTS ARE LIKELY LATER THIS YEAR.