Williams: Adjusting Fed Funds Rate 'Quite a Ways Off'

The transcript discusses the Federal Open Market Committee's (FOMC) economic projections and individual views on these projections. The focus is on the current economic issues, particularly tapering, and the effectiveness of the new policy framework introduced last year. The discussion also touches on future economic conditions and the appropriate stance of the Fed funds rate, which is still a long way off.

What is the key issue for the FOMC according to the speaker?

What does the speaker think about the current economic conditions?

How does the speaker describe the new policy framework introduced last year?

What is the speaker's focus regarding the Fed funds rate?

When does the speaker believe the discussion about the Fed funds rate will take place?