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NY Fed's Williams speaking on BBG TV: Re........>

FED
FED: NY Fed's Williams speaking on BBG TV: Re economic trough, May/June will be
the low point based on what we've seen; significant rebound in 2nd half.
- Q: Is this a Supply or Demand shock? A combination of both. A: Predominant
effect this year will be on demand; that's why inflation coming in so low
(expect it low over the next year or so). A focus for the next few years is to
put the economy on a long-term sustainable path.
- Re econ projections at June FOMC: We're in the early days of projections.
Baseline forecast is not nearly as informative today as it is in normal times.
Thinking about the range of scenarios, how can we best position policy in terms
of that range. My expectation is that obviously we are able to publish
forecasts, doing this with lots of new data (from social media etc). 
- Q: Forward guidance/Yield Curve Control? Should focus be on front or long end?
A: Fed thinking hard about YCC, could potentially complement forward guidance.
Re long end etc, these are issues that we are studying, will discuss as a group
- the right policy will depend on what path the economy takes in the coming
months.

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