WASHINGTON (Reuters) -New York Federal Reserve Bank President John Williams said on Wednesday it is likely interest rates can fall at some point but policymakers will need to see what upcoming data indicate about the economy to decide if it's appropriate to make a cut at the September 16-17 meeting.

"Every meeting is, from my perspective, live" for a change in the benchmark policy rate, Williams said in a CNBC interview. "Risks are more in balance. We are going to just have to see how the data play out."

The Fed will get another jobs report and new information on consumer price inflation before its next meeting, data that could now weigh heavily on a decision to cut rates by a quarter of a percentage point from the current 4.25% to 4.5% range the central bank has kept since December. Fed Chair Jerome Powell said last week that the current economic outlook coupled with rising risks to the labor market "may warrant adjusting our policy stance."

Powell's language led markets to bet heavily on a September rate cut, though comments by other officials since then, including Williams, a permanent voter on interest rate policy, have leaned more on coming jobs and inflation data to confirm whether a rate cut is appropriate now.

Williams said he had no comment about the allegations raised by President Donald Trump against Fed Governor Lisa Cook.

But of Cook he said "she has always brought integrity and a commitment to the Federal Reserve's mission." 

While not directly addressing Trump's attempt to fire her, a matter likely headed to court, he said "the structure of the Federal Reserve is...designed to have independent policymakers who are making decisions that affect the economy over the longer term, away from short-term political pressure. And I think that's really, really important."