Fed’s Williams: No tapering until economy is on track

http://blogs.marketwatch.com/capitolreport/2013/12/03/feds-williams-only-taper-when-sure-economy-on-right-track/

To that end, he said he would support revising the Fed’s guidance on when it would consider the first rate hike.
The Fed said a year ago that it would not consider a rate hike as long as the unemployment rate was above 6.5%.
“My view would be that we would not be raising the funds rate even if the unemployment rate was below 6.5%, as long as inflation continued to be low, for some time,” Williams said.
“I would get our communication around this post-6.5%, the so0ner the better,” he said.
Williams is a voting member of the Fed’s policy-making committee this year.
He is seen as a close ally of Janet Yellen, who is expected to take over for Ben Bernanke as Fed chairman early next year.

And what does Gold do? well.. down of course.