Just days after the Federal Reserve launched a new round of unconventional monetary policy easing, a top Fed official with a record of supporting such moves on Friday questioned how effective the latest move will be. John Williams, president of the San Francisco Federal Reserve Bank, defended the track record of the Fed's large-scale bond purchases in lowering long-term borrowing costs, but he said it was unclear how much the purchases help the real economy. "Specifically, does lowering Treasury yields through large-scale asset purchases have the same effect on the economy as an equivalent movement in the ... (full story)