Fed's Williams questions future of unconventional tools

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Forward guidance could retain a role in improving central bank transparency even when economic conditions have normalised, according to John Williams, president of the Federal Reserve Bank of San Francisco, but asset purchases should only ever be used as a last resort.

Speaking at the University of California, San Diego, Williams acknowledged that current unconventional policy tools will "continue to play an important role... for the next few years" but questioned their suitability in more conve

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