WASHINGTON (Reuters) -The U.S. Federal Reserve can still cut interest rates "in the near term" without putting its inflation goal at risk, New York Fed president John Williams said on Friday.

Progress on inflation has "temporarily stalled," Williams acknowledged in comments prepared for delivery at a Central Bank of Chile event, and added it was "imperative to restore inflation to our 2% longer-run goal on a sustained basis," from a current level that he estimates to be around 2.75%.

But he said price pressures are expected to ease as the impact of tariffs passes through the economy without creating persistent inflation, while the job market appears to be softening, with the unemployment rate rising in September to a 4.4% level comparable to the pre-pandemic years "when the labor market was not overheated."

The Fed needs to reach its inflation target "without creating undue risks to our maximum employment goal," Williams said. 

"I view monetary policy as being modestly restrictive...Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals."

The New York Fed holds a permanent voting position on the rate-setting Federal Open Market Committee.

His comments come amid debate about whether the Fed should cut rates at its Dec. 9-10 meeting, with some policymakers drawing a hard line against further rate cuts until it is clear that inflation will drop to the Fed's 2% target from its current, still-elevated level.