May 15, 2018 / 6:55 PM / 6 months ago

Fed's policy language "served its purpose," will need revisit -Williams

MINNEAPOLIS, May 15 (Reuters) - San Francisco Federal Reserve President John Williams said on Tuesday the Fed’s current statement and its description of loose monetary policy “served its purpose” through years of crisis recovery, but will have to be replaced with a new sense of how the Federal Open Market Committee looks at the economy and the path of policy.

“That language still works today,” Williams said. But as interest rates approach neutral, a point that could be reached this year or early next, “We will have to come up with something at some point...That will be a committee decision about how best to describe where money policy is positioned.”

Reporting by Howard Schneider; Editing by Andrea Ricci

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