Fed's Williams: Not seeing signs inflation is taking off
- Fed's language on 'accommodative policy' have served FOMC well, will have to be replaced at some point
- More normal monetary policy can allow Fed to reduce use of forward guidance and to adjust based on data
- Not concerned if inflation overshoots 'by a few tenths'
- Expects wages to pick up later this year or next as economy continues to run strong
A change in Fed language would be interesting.