San Francisco Fed President John Williams said Friday he wants the central bank to continue to gradually raise interest rates this year. "Our recent projections indicate that the center of the distribution of FOMC projections foresees a total of three to four rate increases this year and further gradual rate increases over the next two years, bringing the target federal funds rate to around 3.5% by the end of 2020," Williams said. "In my view, this is the right direction for monetary policy," he said. Williams has been selected to be the next president of the New York Fed, beginning in mid-June. The move will put Williams in Fed Chairman Jerome Powell's inner circle. The president of the New York regional bank is the first among equals among regional Fed presidents with a vote at every interest-rate policy meeting.