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FXstreet.com (San Francisco) - John Williams, President of the San Francisco Fed (considered a dovish voting member of the FOMC), is now offering his thoughts on the U.S. economy this Wednesday evening at the University of San Francisco. According to Dow Jones Newswires, the official says that he expects the central bank to continue QE3 (bond buying) well into 2Q 2013, and that stimulus is needed in order to fight an unemployment rate that is still considered to be way too high. He is also reported saying that under-target inflation gives the Fed room to act, and that its policy is having the desired effect on the economy, but reiterates that uncertainty surrounding the 'Fiscal Cliff' and Europe is a drag on economic growth. Mr. Williams is also expressing his view that, the U.S. government is shifting toward austerity.

FX markets are relatively muted to Williams' comments. EUR/USD holds steady around 1.2730.

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