Fed's Williams: Monetary policy takes a year or two to have its full effects

San Francisco Fed's President John Williams is on the wires, via Reuters, stating that monetary policy takes a year or two to have its full effects.

Key headlines (via Reuters):

• Monetary policy is still giving a boost to U.S. growth
• Says don't need to see unemployment going lower and lower, want to stabilize it
• We need to start pulling back on the stimulus, gradually
• Says need to raise rates before we get to goals so don't overshoot them
• Fed doesn't talk partisan politics, and need to keep it that way