Why the Fed Needs 'Extended Patience'

The argument for "extended patience" on a rise in interest rates is strong.

Mr. Undershoot: the Fed's John Williams.

Photographer: David Paul Morris/Bloomberg

John Williams, president of the Federal Reserve Bank of San Francisco, gave a good interview to the Financial Times this week. Williams is seen as a moderate on monetary policy, a centrist on the dove-hawk spectrum. He thinks the economy is now close to full employment and the time for raising interest rates is getting "closer and closer."

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