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NY Fed’s Williams says economic pain likely to continue for ‘some time’

(Reuters) – The shutdowns enacted to slow the spread of the coronavirus are likely to put a damper on the U.S. economy for some time, New York Federal Reserve Bank President John Williams said Friday during an interview with CNBC.

“I still think we have a lot of economic pain that we’re experiencing today and that’s likely to continue for some time,” said Williams. “I still think we’ve got some tough days ahead and that’s why we’re working so hard to support the economy during this period.”

Williams also repeated a view that it may take a few years for the U.S. economy to fully recover from the downturn caused by the coronavirus pandemic, a view he shared Thursday during a webinar hosted by the Economic Club of New York.

(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)

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