NY Fed President John Williams Gives Mendacity A New Definition

“I think the fundamental drivers are optimism among investors that the U.S. economy and the global economy is going to have a stronger recovery and expansion, an expectation of low rates well into the future,” he said. “Those combined will give you high asset valuations.”

“Right now, the economy has quite a ways to go to get back to maximum employment and we have a ways to go to get back to our 2% inflation target,” he said. “So I’m not really concerned about fiscal support right now being excessive or anything like that. Really, what I want to see is an economy that gets back to full strength as soon as possible.”