Economics
Fed’s John Williams Says Economic Pain Will Linger for Some Time
- Cleveland Fed chief says recovery likely to be gradual
- Williams says economic pain will linger for some time
A pedestrian looks at a closed store in the Brooklyn Borough of New York, U.S., on April 15.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. central bank is too focused on limiting damage to financial markets and the U.S. economy to be concerned that its actions will encourage excessive risk-taking by investors.
“Yes, we are moving into unprecedented territory, but remember we’re trying to lend to firms that through no fault of their own were impacted by the virus,” Mester said Friday in an interview on Bloomberg Television.