The U.S. economy will be operating at “full employment” by the end of this year as the unemployment rate drops to 5%, said John Williams, president of the Federal Reserve Bank of San Francisco, on Sunday. Mr. Williams was quite upbeat about the U.S. economic outlook in an interview with Fox News Channel, echoing remarks made to The Wall Street Journal Thursday. Citing broad-based employment gains in both low- and high-wage sectors, Mr. Williams said he believes the U.S. unemployment rate, currently at 5.7%, will fall to 5% by the end of this year. That’s a level consistent with full employment, which Fed officials ... (full story)