The Federal Reserve’s bond-buying program is serving its purpose well at the moment, though the central bank could adjust the parameters if needed, New York Fed President John Williams said.

“Going forward, as we watch how the economy is evolving, how the outlook is evolving, we can think about any adjustments we want to make on those purchases,” Williams said Tuesday during a live interview broadcast online by the Wall Street Journal. “I think they’re serving their purposes really well right now.”

At its Nov. 4-5 meeting, the central bank’s Federal Open Market Committee discussed its options for modifying the bond-buying program if it were to determine the economy needed more support. The Fed is currently buying about $120 billion in Treasuries and mortgage-backed bonds every month, partly aimed at lowering borrowing costs for businesses and households. The FOMC’s next meeting is Dec. 15-16.

Recent readings on the U.S. economy point to slowing activity after the third quarter’s robust rebound. Real-time indicators such as credit-card spending, restaurant reservations and jobless claims show a loss of momentum as the COVID-19 outbreak has worsened in the past few weeks.

Speaking elsewhere Tuesday, St. Louis Fed President James Bullard offered similar comments on the central bank’s asset purchases.

“I do think we have a robust program in place right now. I don’t see any reason to change it at this point,” Bullard told reporters following a virtual speech. “We have low longer-term nominal interest rates. I would expect them to remain low going forward for the foreseeable future.”