NEW YORK -- Federal Reserve Bank of New York President John Williams said Thursday the central bank's rate cuts last year put the economy on a path to continue its expansion, and he said what happens next with interest-rate policy depends on what happens with the data.

Three rate cuts last year "positioned us well to keep the economy growing above trend, GDP growth was about 2 1/4 % last year, I think it's going to be about the same this year based on what we have, and that's going to generate continued strong labor markets and inflation around 2%," Mr. Williams said in an appearance before a bankers' group in New York.

Mr. Williams said "the baseline outlook I laid out is pretty darn good" but there are uncertainties, including from overseas growth issues and what is happening with the novel coronavirus, which causes the illness known as Covid-19, in China.

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