One Fed president predicted that the Federal Reserve will probably need to keep interest rates near zero for at least another year, according to an article in Reuters.

"As things get better we can kind of get back to our normal approach to policy," San Francisco Fed President John Williams told members of the Utah and Montana Bankers Association, predicting full employment and normal inflation by the "early part" of 2016.

The Fed has bought trillions of dollars of long-term securities and kept interest rates near zero since December 2008 in an effort to boost employment and keep the economy from becoming mired in a growth-sapping, downward price spiral.