San Francisco Fed President Williams spoke earlier, more now

  • Right now interest rates are abnormally low
  • Fed is needing to get interest rates to normal
  • New normal will be abnormally low even after hiking
  • Don't expect interest rates to get dramatically high
  • Fed has not yet been willing to unwind balance sheet
  • Yield curve slope to be more normal next several years

And, he is still going:

  • I don't think the stock market is way out of whack from fundamentals