NY Fed President Williams says central bank is listening to market, but believes economy is strong

New York Federal Reserve President John Williams told CNBC on Friday the central bank is listening "very carefully" to the market's concerns on growth, but believes the U.S. economy is in good shape.

Williams appeared on "Squawk on the Street" with Steve Liesman after the Fed on Wednesday raised its benchmark interest rate for a fourth time this year and lowered its rate hike projection for 2019 from three to two.

Stocks sank Wednesday and Thursday following the Fed's decision, pushing the Dow Jones Industrial Average and S&P 500 further into correction territory. However, U.S stocks opened Friday's session slightly higher.

Earlier this month, Williams, a voting member and vice chairman of the policymaking Federal Open Market Committee, said he expects the Fed to continue raising rates "over the next year or so," even while it pays close attention to possible risks highlighted by financial markets.

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

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