Fed's Williams lauds recovery, sees 3 or more hikes this year - Reuters

"Lifting rates gradually prevents the economy from overheating... I would not rule out more than three increases total for this year," said San Francisco Fed President John Williams in a speech at an economists' club in New York.

Key quotes (via Reuters)

• U.S. rate hikes needed to avoid overheating
• Largely attained hard-fought economic recovery
• Slow labor growth, productivity main impediment to GDP growth
• Such supply-side impediments largely outside Fed policy purview
• Williams expects to hit 2 pct inflation goal in next year or so
• Williams expects roughly 1.75 pct GDP growth this year and next