John Williams, a Ph.D. economist and Federal Reserve lifer, made his mark inside the central bank with his deep knowledge of interest-rate theory and a solid record as a policy maker and communicator.
When Mr. Williams won a big promotion to Federal Reserve Bank of New York president last year, senior officials didn’t see his lack of financial-markets experience as a liability. He was so new to the markets side of the job that, in his first month in New York, he received an hourlong tutorial on using a Bloomberg data...
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