6/30, 5:30 PM (Source: TeleTrader)
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US recovery likely to take years - Fed's Williams

The United States economy is "far from healthy" and will likely take years for it to completely recover from the crisis caused by the coronavirus pandemic, New York Federal Reserve Bank President John Williams stated on Tuesday.

The Fed official noted that economic data has been "encouraging" and that it is likely the country passed the low-point of the downturn. In contrast, there are indicators the economic recovery is slowing down in the areas that are experiencing large-scale coronavirus outbreaks, Williams added.

The outlook remains highly uncertain and the recovery will depend on the containment of the virus, the official asserted.

Breaking the News / MD