SF Fed President Williams spoke with Reuters in an interview:
- Worried ECB response to possible eurozone stagnation won’t be fast or aggressive enough
- Market expectations of Fed policy fundamentally accurate
- Would consider further asset purchases if inflation outlook starts to fall, through that’s not his expectation
- “Considerable time” language remains accurate description, removing it would risk market backlash
The headline is hawkish but the bolded is dovish; although he said it would take a significant shift in the US outlook to consider more QE.
