NY Fed's Williams says monetary policy under new framework will depend on circumstances

NEW YORK (Reuters) - Federal Reserve officials will have some flexibility when setting monetary policy under the new framework, New York Fed Bank President John Williams said on Wednesday.

Williams echoed remarks from some of his colleagues over the past week that policy will not be based on an exact formula.

“How it translates into actual monetary policy depends on the circumstances,” Williams said while answering questions from former New York Fed president Bill Dudley. Williams added that the Fed is not focused on any specific rate of unemployment but looking at a range of indicators when assessing the labor market.

Reporting by Jonnelle Marte; Editing by Chizu Nomiyama