This is a long-running theme for Williams

New York Fed President John Williams co-authored a paper suggesting the Fed could guard against deflationary expectations by shifting to price-level targeting or average-inflation targeting.

Such a shift -- which would be radical in the world of central banking -- would allow the Fed to let inflation run hot in prosperous times after prolonged periods of under-target inflation. The thinking is that it would keep inflation from falling too low because people would anticipate rises afterwards.

There's no sign this kind of shift has any wider support at the Fed so it's all just talk.

Bostic and Daly were also scheduled to speak Saturday but there have been no public headlines.