Description
John Williams (FOMC Voting Member) speaks to the California Bankers Association 121st Annual Convention, and will answer questions from the audience, in Dana Point, California.

Highlights
San Francisco Fed President John C. Williams spoke on bank regulation but repeated a number of points made yesterday on monetary policy. He noted that unemployment remains far too high and that both QE unwinding and rate hikes are still far off. He still expects inflation to be somewhat below 2 percent in 2013 and 2014. He anticipates GDP of 2.5 percent in 2012 and 2.75 percent in 2013. Williams noted that consumer spending has improved but sees global risks as continuing with U.S. fiscal policy another risk to growth.