Fed Williams: Limited policy space will result in a slow recovery

New York Fed President, John Williams, speaking at the Swiss National Bank-International Monetary Fund Conference in Zurich was noted saying that lower neutral rates would require new policy approaches as this would mean slower global recovery and inflation running below target.

Additional quotes:

   •  Sees no reason to expect neutral rates to revert higher in the foreseeable future.
   •  Rate-cut space in the event of future downturns will be limited.
   •  Says that investors view low inflation globally as a new normal.
   •  Economic resilience can be improved by fiscal policies.