SINGAPORE (May 29): John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, said that the Fed’s gradual, transparent approach to normalising monetary policy after the recession is “the most telegraphed monetary policy of our lifetimes” and that the process for unwinding its balance sheet will also be gradual, open, and widely telegraphed. Speaking to an audience from across the Asian continent, Williams asserted that a gradual, transparent approach to normalisation will ultimately benefit both the US and global economies.

Williams’ remarks were made at the keynote presentation on Sunday at the Symposium on Asian Banking and Finance which is co-hosted annually by the San Francisco Fed and the Monetary Authority of Singapore.

“In an interconnected global economy, when one country takes action to make its economy more sustainable and resilient, that adds to the sustainability and resilience of the global economy in turn,” said Williams. “The last thing we want to do is to fuel unnecessary or avoidable volatility or disruption – whether we’re talking about domestic markets or international markets. That’s why we’re taking a gradual approach to normalisation and why we’re being very clear, transparent, and open about how we’re making decisions.”

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