The new chief of the powerful Federal Reserve Bank of New York says there has been a paradigm shift in what are considered to be normal interest rates.

John Williams is currently the president of the Federal Reserve Bank of San Francisco. But he has been tapped by President Donald Trump to run the New York Fed.

He spoke last week at the Economic Club of Minnesota about the neutral or natural rate of interest, the part of the interest rate apart from inflation.

Source: Mortgage Daily