Is his aim true? Will the pressure drop? N.Y. Fed Chief (and punk rock fan) is tested by an obscure but vital piece of the financial system. More obscure than our musical references.
John Williams, a Ph.D. economist and Federal Reserve lifer, made his mark inside the central bank with his deep knowledge of interest-rate theory and a solid record as a policy maker and communicator.
When Mr. Williams won a big promotion to Federal Reserve Bank of New York president last year, senior officials didn’t see his lack of financial-markets experience as a liability. He was so new to the markets side of the job that, in his first month in New York, he received an hourlong tutorial on using a Bloomberg data...
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