Fed's Williams: US inflation to get to around 2% in next two years

John Williams, President and Chief Executive Officer of the Federal Reserve Bank of San Francisco  (non-voter), is on the wires now and expects US inflation to get to around 2% in next two years.

Additional quotes:

   •  I fully support normalization of balance sheet

   •  Could be one more rate hike this year, three next year, based on how economy develops, but exact timing not important

   •  We have quite a bit of room to reduce interest rates in response to negative economic developments if needed

   •  We are as close as we have ever been in my career regarding inflation, employment goals