Fed's Williams: Central banks should consider unconventional policy tools for use in future

Delivering his opening remarks at a two-day conference on Asian economic policies at the San Francisco Fed, San Francisco Fed President John Williams argued that to fight the next recession, they would need to do more than just cut interest rates.

Key quotes (via Reuters)

Calls for global rethink of monetary policy frameworks.

Low rates worldwide means dealing with any future recession will be harder than in past.

Global central banks need to find strategies that work well together, and are not at cross-purposes.

Central banks should also consider negative rates, higher inflation target, or targeting price-level or nominal income.

Negative interest rates need to be on the list of possible tools for U.S. in a recession.