Fed’s Williams Says Restoring Full Employment Will Take Years

Federal Reserve Bank of San Francisco President John Williams said the U.S. economy will probably take years to return to maximum employment, making it “essential” for the central bank to sustain record accommodation.

“The unemployment rate will remain above the natural rate for several more years,” Williams said today in remarks prepared for a speech in Santa Barbara, California. “It’s essential that we keep strong monetary stimulus in place for quite some time.”