The Fed needs to provide "powerful and continuing monetary accommodation," Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

"The Fed's dual mandate from Congress is to pursue maximum employment and price stability. We are missing on both of these goals, with severe consequences for American households and businesses," Williams told the Forecasters Club in Manhattan, according to prepared text released by the Fed. "Unemployment is far too high and inflation is too low. Sometimes our maximum employment and price stability goals can conflict. But that's not the situation today. Moreover, an aggregate demand shortfall is exactly the kind of problem monetary policy can - and should - address. We need powerful and continuing monetary accommodation to move toward our mandated goals."

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