New York Fed President: Moderately tighter monetary policy stance still appropriate

John Williams, president of the Federal Reserve Bank of New York, said there was a high degree of uncertainty about how rapid changes in immigration, trade and fiscal policy would change the economy and that the current stance of monetary policy remained appropriate to allow the Fed to respond well to changing circumstances. Mr. Williams said the decision to slow the balance sheet was a natural part of the Fed's move to shrink its portfolio and that it had "no impact" on monetary policy.