New York Federal Reserve President John Williams told on Friday he saw some part of the economy coming back online but the growth of the doubt will return to normal this year.
“I expect that to be able to bounce back a little quicker than maybe some other sectors,” said Williams. “But I do not see the economy back to full strength by the end of this year.”
Central bank officials speaking in front of what looked like a big day on Wall Street.
Stock futures pointed to a sharply higher open on news of the progress in the treatment of coronavirus from Gilead Sciences and President Donald Trump defined three-stage plan to get the economy moving again after the social distance measures have led to a shutdown closer.
While Williams reveals some optimism about the long-term growth prospects, he sees “some difficult days ahead” and economic data “terrible” second quarter.
“We have not come to firm conclusions about how long this will last, and we act in every way we can do our best to support the economy, but this evolved over the next few months,” he said.