Fed's Williams: New 'patient' stance does not mean not raising rates or that policy is set for all time

In an interview with Reuters on Tuesday, New York Fed President John Williams said that the Fed's new 'patient' stance did not necessarily mean that the bank wouldn't raise rates or that the policy was set for all time.

Key quotes (via Reuters)

• Would need different outlook for inflation or growth to back further rate hikes.
• Roughly estimates reserves on balance sheet to fall to $1 trillion 'or somewhat more,' versus about $1.6 trillion currently.
• Monetary policy is where it should be with rates around neutral.
• Currently mixed data 'a strong argument for taking some time' on rates.
• Expects to be drawing down balance sheet for some time.
• U.S. Economy is in a 'very good place'.