Letter from Fed's Williams mirrors late-Friday speech
The San Francisco Fed just published a letter from Williams and it strikes a similarly upbeat tone, if not a word-for-word rendition, of his speech on Friday.
- There are always uncertainties and numerous challenges before us, but overall, things are definitely looking good
- Future pace of hikes will be, as we've said repeatedly, gradual and data dependent
There is an interesting tidbit on growth that, I think, represents almost all FOMC views:
"Although the published data should account for usual seasonal patterns, for myriad wonky reasons that would take too much time-and too much of your patience-to explain, they don't. To correct for this problem, my staff has added a second round of adjustment to get a more accurate number. Adjusted in this way, real GDP actually grew over 2% in the first quarter."
