New York Federal Reserve President John Williams called on Thursday for central banks to change their strategy to combat low inflation, which he labeled "a symptom of deeper problems affecting advanced economies."

"In the pre-2008 era, inflation was a major concern for the public and central banks alike," the leader of the Fed's key district said in prepared remarks for a speech at the Council on Foreign Relations in New York. "And, while I will always be vigilant about inflation that's too high, inflation that's too low is now a more pressing problem."

The comments come amid rampant speculation about the Fed's next move, but Williams did not address monetary policy in specifics. He did say that "low neutral rates" or the level that neither promotes nor restricts growth "are very real, and they're here to stay."

The Fed considers 2% a healthy level of inflation, but it has been unable to consistently meet that goal throughout an economic recovery that is nearing the longest on record. Markets lately have been betting that the Fed will begin cutting rates later this year, as many as three times, in part because inflation has remained so low.