Watch CNBC's full interview with New York Fed President John Williams

Steve Liesman interviews New York Fed President John Williams, focusing on the implications of the President firing a Fed Governor, the Fed's independence, and Williams' economic outlook. Williams addresses concerns about a weakening economy, the strength of the labor market, and inflation trends, while also discussing the potential for future interest rate cuts. He emphasizes the importance of data-driven decisions and balancing the risks between inflation and employment, noting the current monetary policy is modestly restrictive.