Comments from Williams at the Economic Club of New York
- FOMC noted importance of patience at last meeting
- Financial conditions tighter, global outlook dimmer
- Fed can afford to be flexible and wait for data
- Current Fed funds rate at 2.4% puts us right at netural
- Sees US GDP slowing to around 2%
Williams was about 10 minutes late with the speech. On net he's upbeat but there's nothing particularly relevant for monetary policy. He's arguing for a wait-and-see approach, which is entirely consistent with the hymn book from the Fed.
