San Francisco Fed President John Williams says America has ‘largely attained the recovery we’ve been after for the past nine years.’
Congratulations, America. The economy is finally back to normal.
That’s what John Williams, the head of the Federal Reserve Bank of San Francisco, declared Wednesday …
Unemployment peaked at 10% after the Great Recession. Today it’s just 4.7%, a level Williams said constitutes “full employment” because there will always be some job seekers, even in a healthy economy. Inflation is also “nearing” the Fed’s goal of 2%, he said. The Fed raised interest rates this month for only the third time since the financial crisis. The central bank is expected to raise rates two more times this year, but Williams hinted again that three more hikes might be appropriate in 2017.
He said Wednesday that the Fed is as close “as we’ve ever been” to achieving its goals of full employment and stable inflation.
Read more at CNN Money: San Francisco Federal Reserve president: U.S. economy has recovered