Voting FOMC member
The Fed's Williams will speak at 5 PM today. Williams is a voting member from the SF Fed district. On September 19th - two days after the last rate decision - Williams said in a speech from Armonk NY that "arguments on the side of the ledger arguing for more patience." But he added that, "Given the progress we've made and continue to make on our goals, I view the next appropriate step as gradually raising interest rates, most likely starting sometime later this year."
He further stated that "in the past that found the arguments for greater patients to clearly outweigh those for raising rates". However, looking ahead he expects labor markets to get to full strength and inflation to move above the Fed's long term objective. Under such conditions "it will make sense to gradually move away from the extraordinary stimulus that got us here"
Earlier today, Fed's Dudley said the Fed will likely raise rates later this year and that the Fed remains on track reaching its inflation target next year. He added that the October meeting his life for a rate hike debate. He felt confident that the global economic conditions would pass and the negative effects of a stronger dollar would also dissipate.
Feds Evans, a FOMC voting member dove, said today he preferred liftoff no sooner than 2016. However, he did at that the FOMC is "not far" from the 1st rate increase.
Chair Yellen said rate hike still dependent on data but supports a rate hike "sometime later this year" nd it was prudent to tighten "in a timely fashion".
