San Fran Fed president John Williams speaking in Singapore

  • there's a way to go before Fed shrinks balance sheet
  • recent inflation developments are very encouraging
  • US is either at or close to max employment
  • US inflation on track to rise to 2% over next 2 years
  • will take at least 6 years to get balance sheet back to normal
  • China growth downgrade doesn't signal a hard landing
  • does not see a global crisis looming
  • US recovery powered by domestic demand, not necessarily impacted greatly by other countries

As Ryan reported earlier Williams gave another upbeat assessment last week.