The Fed's Williams talking about the FOMC toolkit • Productivity growth has slowed pretty dramatically • Low yields don't just reflect current Fed rates • "It's about the tug-of-war, not only in the United States, but globally, between savings and investment" • "I think interest rates, even when we're past this business cycle, will be lower" • "An economy that's growing more slowly doesn't need to invest as much" • New normal for rates much lower than in the past • The trajectory of hikes will be shallower • US doing well, we're in a good position right now • We'll be raising rates over next couple of years • Don't ... (full story)