New York Fed President John Williams said together that “what we don’t know is what the shape or timescale of the recovery will be”. It’s going “to be some time before we have a clearer view of the effects on other industries, including autos, higher education, manufacturing, and professional services.”

“Amid all the change we’re experiencing, you can be assured of one thing: our unwavering commitment to limit the economic damage from the pandemic and foster conditions for a strong and sustained recovery,” he said.

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