New York Fed Pres. John Williams speaking on CNBC
- Rising 10 year treasury yield is responsive to fiscal support, vaccines
- The rise in yields not a concern
- Jobs are down around 10 million from the pre-pandemic levels
- economy has quite a ways to go to get back to maximum employment/2% inflation
- economy is still in a deep hole
- not concerned about fiscal stimulus being excessive
- seeing quite a pickup in residential real estate prices
- strong asset prices reflect investors looking ahead to a more robust recovery, and that we are in a low interest rate environment globally
- concern is we see really strong imbalances. Don't see evidence for imbalances however
- Decisions on monetary policy are based on where the economy is in regard to max. employment and reaching inflation target at 2% on a sustained basis.
- Does not see the evidence for leverage level concerns
As president of the New York Fed, Williams is a permanent voting member on the FOMC
