Fed's Williams speaks during online event
- fiscal support has been critically important
- expiring fiscal aid will slow economy and months ahead
- somewhat optimistic around the news around vaccines
- sees vaccines aid as a bridge
- Fed is fully aware it's only reached its inflation Gold briefly and that's why it introduced a new framework
- pressures to great low inflation have become dominant in global economy
- says it can push further to improve labor market without having high inflation
- there is an enormous amount of hardship, but data also shows increase in small business creation
- there has been a huge improvement since March and April and financial conditions
- we've seen a strong recovery and housing market, automobiles and durable goods
- once we get through the pandemic large cities such as New York and San Francisco will come back
- scene and economy bounce back far faster than anyone could have expected
- at the same time we are still in a severe recession
- there are sectors of the economy including restaurants and theaters were activity is down even without official shutdowns
Fed's Williams is the president of the New York Fed. As such he had a permanent voting seat on the FOMC each year. Williams is also the vice chair of the FOMC.
