Interest rates in the US still 'very low', Fed's Williams says

A key US central bank official appeared to indicate at the start of the week that interest rates were still headed higher.

Speaking at a New York City Hispanic Chamber of Commerce event, the head of the Federal Reserve bank of New York, John Williams, described interest rates in the US as "still very low", Reuters reported.

"Rates are still very low. We've raised them but they are still at a very low level," he reportedly said.

"We want to keep this expansion going as long as possible," he added.

He also said repeatedly that the US economy and jobs market were "strong".

His remarks followed a recent retreat in the market-implied odds of a 25 basis point December rate hike, which according to the CME's Fed Watch tool stood at 68.9% as of 1948 GMT.