Hello. I'm John Wiliams, President of the SF Fed. A Moron and or a Liar, Take Your Pick

"And it is also prudent to wait a bit and make sure that inflation doesn't keep coming in below expectations, possibly signaling a more persistent decline in inflation."
http://www.reuters.com/article/2013/06/28/usa-fed-williams-idUSN9N0EF00H20130628