SF Fed President Williams:
- No doubt US economy ‘on the mend’ but not strong enough to bring down unemployment
- Credit conditions much improved
- Without recent Fed action unemployment would make only modest gains, inflation would be stuck below 2%
- Expects unemployment to decline to 7.5% by end of 2014
- ‘Far from certain’ Europe to achieve complete fix
Nothing out of the ordinary here but sounds like he’s ready for 1-2 years of MBS buys under QE3.