Comments from San Francisco Fed President John Williams: •2015 is going to be an interesting year in monetary policy •Low inflation reflects labor market not back at full strength •Wage and domestic price pressures to rise this year •Underlying momentum of US economy is good •Expect full US employment by end of year or early 2016 •Global economic outlook has worsened •Expects 2.5-3.0% US GDP growth On Jan 12, Williams spoke with Bloomberg and said a June liftoff is a “reasonable guess” and it “will probably be a close call” assuming that inflation doesn’t fall further. (full story)