NY Fed Pres Williams singing from the same......>

FED: NY Fed Pres Williams singing from the same hymn sheet as Chair Powell, as

largely expected, in prepared remarks: he pledged "unwavering commitment to

limit the economic damage" from Covid-19, warning of worsening unemployment and

stating it will be some time before a clearer view on the economy develops.

- Covid-19 has had "profound consequences for the U.S. and global economies" and

"our economic future will be determined in large part by the path of the virus."

- "It's going to be some time before we have a clearer view of the effects on

other industries, including autos, higher education, manufacturing, and

professional services."

- He repeated forward guidance language (rates at near-zero until confident that

the economy has weathered recent events etc).

- Williams also touted the role of fiscal policy. "It can do what monetary

policy cannot: provide for the public health response and transfer income to

those most affected by the outbreak. Fiscal policy is also a vital partner in

the delivery of our own programs, supplying the financial support necessary for

the extraordinary scale of the credit facilities we're operating."