San Francisco Fed President John Williams:

  • 'Overall, things are definitely looking good' on the US economy
  • Repeats that he expects the Fed to raise rates gradually
  • 'A ways to go' before Fed shrinks balance sheet
  • 'Pretty much all' signs point to near-full strength on jobs market
  • Sees 2% US GDP growth this year

Anything new here? Sadly there isn't. That's just the stage of the cycle we're at. The Fed isn't really in play. They're no longer hawkish, or at least credibly hawkish.