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5/3, 8:31 PM (Source: TeleTrader)
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Fed's Williams: US GDP to grow 7% in 2021

Federal Reserve Bank of New York President and CEO John Williams stated on Monday that he expects the United States economy to grow 7% in 2021, "the fastest in decades."

Delivering remarks at Women in Housing and Finance 2021 Annual Symposium, he noted that the inflation rate will surpass the Fed's long-term goal of 2% for the rest of the current year, adding that "once the price reversals and short-run imbalances from the economy reopening have played out, inflation will come back down to about 2 percent next year."

However, he also warned that "the data and conditions we are seeing now are not nearly enough for the FOMC [Federal Open Market Committee] to shift its monetary policy stance."

Breaking the News / MS