If the U.S. economy needs more stimulus, resuming the Federal Reserve's MBS  purchase program “would probably be the best course of action,” according to San Francisco Federal Reserve President John Williams.

Speaking to the Chartered Financial Analysts Society of Hawaii's annual economic forecast dinner in Honolulu, Williams said the Fed may need to do more, “if the recovery falters or if inflation stays well below 2%,” according to a copy of his prepared remarks.

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