SAN FRANCISCO, May 22 (Reuters) - U.S. stocks have risen on the back of strong corporate profits and a rebound from the depths of the crisis, a top Fed official said on Thursday, but the U.S. bond market is "more puzzling."
The Fed's super-easy accommodative monetary policy partly explains very low yields in bond markets; U.S. rates will likely be low, relative to history, for a long time, San Francisco Fed President John Williams told the Association of Trade and mniForfaiting in the Americas.
Also to blame may be lower expectations for global growth, he said. So too may be foreign governments' desire to boost reserves as a cushion against future crises, which tends to push rates down, Williams said. (Reporting by Ann Saphir; Editing by Meredith Mazzilli)