Comments from San Francisco Fed President Williams:

  • Doesn’t rule out tightening later in 2015
  • Fed to be data-dependent on pace after liftoff
  • Slack is disappearing from US economy
  • Divergent Fed, ECB, BOJ policies to cause turbulence
  • He’s not worried about disinflation
  • Expects tightening pace to be pretty gradual

Williams isn’t as dovish as his reputation suggests but he certainly doesn’t sound like someone in a rush to hike rates.