New York Federal Reserve Chairman John Williams said Friday that the US economic indicators have been better than expected as reported by Reuters. He also stated that the unemployment is still very high.
“The increase in COVID cases puts a question mark on the economy and growth is expected to slow,” Williams said. He pointed out that the world economy is still quite weak, so there is downward pressure on inflation. He anticipated that the problem will be lower-than-desired inflation in the coming years.
With regard to monetary policy, the Fed official indicated that the decisions of the FOMC will depend on what happens to the economy. He expressed that monetary policy is having real effects on employment and the economy. “The Fed’s inflation target will require inflation to moderately exceed 2% for some time”, He indicated.
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