John Williams´WAPO interview is mindboggling:
So, just cutting to the chase here, does that gradual path of rate increases include any this year, in your view?
In my view, it does. We’ve been adding enormous policy accommodation over the past several years. As the economy gets closer to its goals, we can again pull our foot off the gas a bit and hopefully execute a nice, soft landing over the next couple of years.
The “eagle” has landed a long time ago, only in the wrong “runway”. It´s now in the process of shifting even lower!
HT Kevin Tryon
Update: Seems his pedals were switched a long time ago! Note that was the time NGDP growth began to slow down. Thinking his foot was on the accelerator when in fact his mouth began pressing the brake.
Historinhas 
Boa
Sent from my iPhone
From your post in 2014, he was quoted as saying:
““A real tightening of policy, which would mean raising the fed funds rate, is still a good way off,” he said.”
A real tightening? So what exactly did the Fed do last December? Step on the brake or ease off the gas?
Seems to me that the Fed’s mouth has been firmly affixed to the brake pedal for a long time now.
They only think in terms of what they do, not what they say
Great post. The Fed is so accommodating that the PPI is deflating and homeownership rates are at 50-year lows and the Fed is below its IT.