Description
San Francisco Federal Reserve Bank Pres. John Williams speaks to the Oregon, Idaho and Nevada Bankers annual joint convention, and after answering questions of the audience, will answer questions of the media, in Coeur d'Alene, Idaho.

Highlights
In prepared remarks, San Francisco Fed President John C. Williams noted that the economy has lost momentum in recent months. He said that it is essential for the Fed to provide sufficient accommodation to keep the economy moving. Williams suggested that if the Fed does more, it should buy long-term securities, including mortgage-backed securities. He calls Europe the most important wildcard for the U.S. economy.

Separately, and speaking on Bloomberg Radio, Richmond Fed President Jeffrey M. Lacker general agreed on the status of the economy but was less certain about the usefulness of additional Fed ease. Lacker said that the slowdown is real but will not lead to recession. He sees Europe as a problem but not having much impact on the U.S. except perhaps through money market mutual funds. Regarding potential additional ease, Lacker said stimulus would more likely affect inflation and not economic growth. The Richmond Fed chief said that he thinks there is not much monetary policy can add right now.