NY Fed and voting member John Williams speaking in Albany
- current picture is complex but economy is in a good place
- headline US economic data masking more nuanced economic picture
- he expects US GDP growth around 2.25% this year, above long run sustainable growth rate
- inflation is below Feds goal, could feed into inflation expectations
- monetary policy alone cannot address all the economic issues in the US
- signs other than consumer spending point to slowing growth
- business fixed investment has softened, manufacturing production is in decline
- outlook for growth outside the US has dimmed
- job growth has slowed this year, employment picture is mixed
- US economy appears to be growing at a more moderate pace after surging ahead last year
