NY Fed's John Williams says bank will 'ignore the politics,' make 'data dependent' rate decisions

Following the Federal Reserve's latest meeting and rate decision, the central bank's New York president and CEO discussed when a cut may be coming and what the November election means for the U.S. economy.

"Our decisions are going to be data dependent. It could be really decided by what we're seeing in the economy, what we're seeing in the inflation data," Federal Reserve Bank of New York's John Williams told FOX Business' Edward Lawrence on Tuesday. "So the answer is it depends. But I think that things are moving in the right direction."

Last week, the Fed held rates steady for the seventh consecutive time and suggested there will only be one cut made this year. In their post-meeting statement, policymakers left the door open to rate cuts but stressed they need "greater confidence" inflation is coming down before lowering borrowing costs.

"I've been in the Fed nearly 30 years, and throughout that time, what I've seen my colleagues do is really focus on our job, do the best analysis we can and make the best decisions we can for the American economy," Williams said. "We just have to stay on that, ignore the politics and all that. Focus on getting our job done. That's what we need to do in order to be successful."

This is a developing story. Please check back for updates.

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FOX Business' Megan Henney contributed to this report.