Fed will guide markets even after dropping 'patient' phrasing: Williams
HONOLULU, March 5 (Reuters) - The Federal Reserve this month should stop promising to be 'patient' on raising rates, but dropping that guidance does not spell the end of the Fed's forward guidance, a top Fed official said on Thursday
The process of weaning markets from so-called forward guidance on the future path of rates will take some time, and won't be "cold turkey," San Francisco Federal Reserve Bank President John Williams told reporters after a speech here.
Dropping the word "patient" from the Fed statement opens the door to a rate rise in June, but does not lock the Fed into any particular course of action, Fed Chair Janet Yellen has said.
(Reporting by Ann Saphir; Editing by Kim Coghill)
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