New York Fed President John Williams is pushing back on market fears of a looming recession, saying that the baseline economic forecast remains “a positive one.”
New York Fed President John Williams on Wednesday pushed back on market fears of a looming recession, saying that the baseline economic forecast remains “a positive one.”
“Right now, the outlook is actually very favorable,” Williams said during a talk at the University of California, San Diego. He said GDP growth is around 2% rate, with a “very strong” labor market and inflation near a 2% rate.“Economists are really good at saying we just had a recession. They are not so good at expecting a recession,” he said.
“I think there are definitely a lot of uncertainties and risks out there that we need to be navigating,” Williams said.“We don’t have as much experience with this,” he said.Stocks fell sharply Wednesday on recession fears. The Dow Jones Industrial Average DJIA, -1.86% closed down 494 points to 26,078.
Williams, a member of Fed Chairman Jerome Powell’s inner circle, didn’t give any guidance about whether the U.S. central bank would cut interest-rates again at its late October meeting.Investors think there is a high probability the Fed will cut rates again on Oct. 30. Earlier Wednesday, Richmond Fed President Thomas Barkin said the Fed might be cautious going foward given all the uncertainty facing the economy.Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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