Afternoon Must-Read: John Williams: More QE Might Be Appropriate If U.S. Economy Faltered

…I think moving back to additional asset purchases in a situation like that should be something we should seriously consider…. The concern is the next steps that [the ECB] may need. That worries me a little bit. Will their policy response be as timely and aggressive as needed?… The markets are pricing in a lot of other things that might happen and a lot of those are negative. The cross currents are really the story.