NY Fed's Williams' comments so far: -...........>

FED: NY Fed's Williams' comments so far:

- Compares US economic outlook to driving a car: looking through rear view

mirror, things look good; issue is where things are going from here. Cites

'crosswinds': i.e. China, trade etc. 'Hopefully' growth remains around trend. 

- Economy slowing somewhat, need to keep economy roughly where it is. Rate cuts

have been aimed at risks to the outlook.

- 'Clear' that tariffs are being passed on to prices (i.e. inflationary);

secondary effects on uncertainty (weakening growth) harder to quantify.

- Global MonPol easing positive for U.S. outlook; Fed does not have a mandate to

stabilize the world economy.

- Yield curve flatness/inversion may be due to global monetary policy. Appetite

for Tsys may say something about `pessimistic` market risk appetite. Says he

takes yield curve seriously.

- On Repo issues: Recounts at length the confluence of events (jokes came after

Friday 13th) that led to Repo pressure in September. Says interventions have

been very effective; now there is good stability in the Repo market.