The subject of Yellen's remarks Friday will be labor markets, which is the theme of this year's gathering of central bankers. Minutes of the Fed's
Some officials, the minutes said, thought the Fed would need "to call for a relatively prompt move" to begin raising short-term rates from record lows, where it has kept them since the financial crisis struck in 2008. Otherwise, they felt the Fed risked overshooting its targets for unemployment and inflation.
In the end, the Fed made no changes at the July meeting. It approved, 9-1, maintaining its current stance on rates. But the minutes pointed to a distinct division among officials over the timing of an increase.
That debate has continued at
In an interview Wednesday with
"I would prefer to begin raising rates sooner and raise them more gradually," he said.
Williams has been a supporter of the majority of officials who back Yellen's view that the job market still isn't healthy enough for the Fed to start boosting rates.
Yellen and others who think the Fed should withdraw its support only slowly cite persistent drags on the job market, such as high levels of people who have been unemployed for more than six months, many people working part time who would like full-time jobs and weak pay growth.
Many economists still think the Fed will wait until mid-2015 to start raising rates. In its July policy statement, the Fed acknowledged that growth was strengthening. But it indicated that it needed to see further improvement in the job market before it starts raising its key short-term rate.
At the July meeting, the Fed reduced its bond purchases aimed at keeping long-term rates low by another
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