More from Fed's Williams - says that markets seem to understand Fed's rate guidance

Williams is the president of the New York Fed. As such he has a permanent voting seat on the FOMC each year.

Comments to media following his earlier speech:

• More from Feds Williams: Feds main goal is to anchor inflation expectations
• Feds Williams: Data/conditions not nearly enough for FOMC to shift its policy stance

More:

• says the economy is on a very good trajectory but we still have a long ways to go
• Fed's new framework is about anchoring inflation expectations at the right level
• says if actual inflation and inflation expectations don't align the Fed will weigh various factors and make a judgment
• Fed's monthly asset purchases of treasury and mortgage securities are about fostering accommodative financial conditions broadly, not just in housing market
• Fed has the tools to control short-term rates such as adjusting ioer or the rate on overnight reverse repo
• says adjustments to administered rates would not be a change in monetary policy

And that's how I lost my tie!