President of the Federal Reserve Bank of San Francisco John Williams spoke earlier:
- Fed's Williams - low rates globally means dealing with future recession harder
- Fed's Williams says negative rates need to be on the list of possible tools in future
Wall Street Journal have a recap up (may be gated): Fed's Williams: Time For Central Bankers to Weigh New Policy Toolkit
- Mr. Williams didn't comment on the near-term monetary policy outlook
- Instead, he pressed forward with advocating for policy makers to adapt their tools to a world where interest rates are lower than they used to be
- Changes in the economy suggest the Fed will not be able to raise rates as high as it did in the past, he said.
- And because rates are unlikely to go up all that much, the Fed will have less room to lower them when the inevitable next economic downturn arrives
More at that link to the Journal
Reuters have this too, ungated: Fed's Williams calls for global rethink of monetary policy
