John Williams, President Federal Reserve Bank of San Francisco Forecasts Steady Rate Hike in 2016
On Monday, Federal Reserve Bank of San Francisco President said that he sees a sturdy drive of interest rate hikes in store from the U. S. central bank in the current year. While saying this he assumes steady economic growth, increased job gains and an upward movement in inflation.
John Williams said, "There are still pretty significant headwinds" which the U. S. economy faces from weaker economies overseas and a strong dollar along with issues related to housing.
He added, the Fed should "still have a foot on the gas in 2016" moving gradually with low interest rates. According to him it should also be "progressively taking it back" with a measured path of hike in interest rates.
The Fed officials took the decision to increase the key interest rates as they had enough confidence are the steady drop in unemployment rate even as the inflation remained weaker than expected. The official inflation target by the central bank was two percent.
Fed officials said time and again, they expect to make gradual moves with future rate rises as they do not want to give the economy a sudden jolt. They would closely notice the performance of the economy and not necessarily act in all their policy meetings.
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