Not a voting member of the FOMC this year

SF Fed's Williams is speaking. He is not a voting member this year.

  • A lot of people have benefited from recovery
  • Worries about populous reactions on economy
  • Doesn't see obvious signs of possible recession
  • He's looking for obvious signs of in balances
  • December rate rise driven by economic improvement
  • Reiterates feds gradual path for rates/declines to describe what gradual path might look like
  • Puts risk of recession at 10 to 15%. Characterizes risk as normal.
  • Slower growth in China's nothing to be afraid of, but has a big impact on commodities
  • Sees China growth slowing to 5.5%
  • Strong domestic demand offsetting weakness in exports, manufacturing
  • Expects US unemployment in the US to continue to fall
  • US economic strength can offset global headwinds