Rates Rally on Fed Patience?

San Francisco Fed President John Williams said yesterday “I see no reason whatsoever to rush to tightening” and that “This is a U.S. economy that although doing a lot better, still needs monetary accommodation for above-trend growth”. I won’t argue. Let’s think though about this next statement from Mr. Williams - “My view, that I've expressed previously in the past, is that the middle of 2015 is a reasonable guess when that discussion I think will become closer to, should we do it now (raise rates) or wait a little longer?" Apparently, having “patience” means about the same thing as “considerable time”.