President Williams of the Federal Reserve Bank of New York avoids discussing monetary policy, focusing on the challenges of identifying productivity

(1) New York Federal Reserve President Williams delivered a keynote speech at the Reykjavik Economic Conference, without commenting on monetary policy. He has voting rights at this conference and is considered a centrist. (2) Williams’ speech focused on productivity improvement, noting that it is extremely difficult to identify structural changes in real time, and expectations for future growth often gradually adjust in line with changes in potential productivity growth. (3) He stated that in the initial stages after an economic shift, productivity growth is likely more of a temporary phenomenon rather than a permanent transformation.