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NY Fed's Williams: Downward Pressure On Inflation, But Vaccine Good News

FED

NY Fed President Williams speaks with the FT in a live webinar:

  • Echoes Powell's comments yesterday in saying positive about how economy has evolved, but still weaker than where it was pre-pandemic; points to uncertainty ahead, largely from COVID. But says positive news this week on vaccine.
  • Sees downward momentum re inflation pressures.
  • Says financial markets have been reacting mostly to COVID related news, about which there is still uncertainty. "My interpretation is that some of this response is not really about inflation, more about a more positive view about the outlook, more specifically the tail risk" re vaccine impact.
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