John Williams will move from the San Francisco Fed to take on the pivotal New York Federal Reserve president's position. Long rumored for the job, Williams will exit the president's post he held in San Francisco since 2011. As head of the New York district, he will oversee the important trading desk that helps set the Fed's key funds rate used as a benchmark for multiple types of consumer and bank debt. The appoitment comes with the Fed in the middle of some key operations in carrying out its mandate of skipping the economy at full employment and stabilizing inflation.