The view from here: outlook and monetary policy

John Williams

FRBSF Economic Letter, 2015

Abstract: The U.S. economy is likely to reach the Federal Reserve?s maximum employment goal later this year. Although inflation has remained persistently low, it is expected to return to the Fed?s 2% target over the next few years. Due to the lags between monetary policy?s implementation and its effects, the time is coming to take the first step toward normalizing monetary policy by raising short-term interest rates. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the CFA Society Hawaii on March 5, 2015.

Date: 2015
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