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12/2/2020, 7:47 PM (Source: TeleTrader)
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Fed's Williams: US still in very deep recession

The United States is still in a "very deep recession," according to New York Federal Reserve Bank President John Williams said on Wednesday.

"We are still in a very deep recession. One of the big question marks, as we move forward about the economic recovery, is how big the effects will be of this very large wave of COVID cases along with the expiration or diminishment of fiscal support," Williams said during a virtual event organized by the New York Fed.

Commenting on the prospects for an economic recovery next year, Williams noted that it will ultimately depend on when a coronavirus vaccine becomes widely available.

Breaking the News / JC