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10/7/2020, 9:14 PM (Source: TeleTrader)
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Fed's Williams: Economic outlook highly uncertain

President and CEO of the Federal Reserve Bank of New York John Williams stated on Wednesday that the economic outlook is "highly uncertain" as the coronavirus pandemic triggered a recession that cannot be described as a "standard" one because it is directly linked to the developments surrounding the pandemic.

"Given this uncertainty, transparency and flexibility in our policy approach will enable us to respond to changes in the outlook as they happen," he said in an online speech at a Hoover Institution event.

Despite the upbeat economic data reports that have been released recently, the United States economy is "nowhere near" the Fed wants it to be, as the employment numbers are still below their pre-pandemic levels, Williams noted. "These overall statistics mask the severity of the health and economic hardships felt by lower-income families and communities of color as a result of the pandemic," he explained.

Breaking the News / MS