SAN Francisco Federal Reserve Bank President John Williams late Thursday joined a growing chorus of his colleagues signaling support for an interest rate hike in coming months, saying that waiting too long could be costly for the economy.

    “In the context of a strong domestic economy with good momentum, it makes sense to get back to a pace of gradual rate increases, preferably sooner rather than later,” Williams said in remarks prepared for delivery to the Anchorage Economic Development Corporation.

    “If we wait until we see the whites of inflation’s eyes, we don’t just risk having to slam on the monetary policy brakes, we risk having to throw the economy into reverse to undo the damage of overshooting the mark,” he said. “And that creates its own risks of a hard landing or even a recession.”

    Williams does not have a vote on Fed policy this year, but his views are seen as influential on the policy-setting committee because of his close and longstanding relationship with Fed Chair Janet Yellen, his former boss at the San Francisco Fed, and his research-driven style.

    New York Fed President William Dudley and Atlanta Fed President Dennis Lockhart have also in recent days made the case that the economy is in good shape and that the Fed should soon restart an expected run of gradual rate hikes that it began last December but shelved amid financial market turmoil and fears of the effects of a slowdown in China and Europe.

    Now, though, Williams and several colleagues who called for caution earlier this year are back to advocating more strongly for rate hikes, emboldened by continued strong job gains and signs that inflation is back on track towards the Fed’s 2 percent goal.(SD-Agencies)