Need more data before making a decision on rates – Fed’s Williams

FXStreet (Mumbai) - San Francisco Fed President John Williams said on Thursday that though the US economy is doing well, the Fed needs to collect more economic data before deciding on whether or not to lift rates from record low.

Williams said the weak first quarter growth was an anomaly, and he expects above trend growth for the rest of the year. He further added that the bank needs to have confidence that the inflation is moving back to 2%, before deciding on rates.

On the timing of rate hikes, Williams said the Fed is likely to raise rates gradually and that normalization would be complete over the next few years.