San Francisco Fed President John Williams spoke earlier, more now from him

  • Says every policy meeting is 'live,' will keep an open mind at FOMC meet in September

(ps. he isn't a voter this year or next, but he will contribute to the discussion in the meeting)

  • Says a rate increase is on the table, but when and if will depend on data
  • Says he sees shallower rate hike path now than he did a year ago
  • Says it will take more than 2 years for policy rate to rise to 3 pct
  • This will be the shallowest series of rate hikes in American history
  • Open to changes in Fed governance if needed or could address 'appearance' issues
  • Running an overly hot economy for too long risks leading to a recession
  • Says most issues raised by Fed Up involve changes beyond monetary policy scope

(ps. Fed Up is the protest group. They want more ponies, or something.)

Those Headlines via Reuters

Earlier from Williams: