Fed’s Williams Expects Recovery in Three Years

President of the Federal Reserve Bank of New York, John Williams, said on Tuesday that recovery from the Coronavirus (COVID-19) crisis has been better than expected, expecting the economy to return to its pre-pandemic levels in about three years.

“We want to get back to maximum employment as soon as possible.”

“There is clearly a lot of unknowns.”

“We need to make sure that we’re purposely overshooting that moderately for some time to get that balance.”

“To me, success is not some arithmetic or some formula but it’s really this notion of inflation expectations, how people think about what is inflation going to be in the future.”