New York Fed President John Williams warned that “the very large rise in COVID cases recently clearly puts a question market on the ability of the economy to weather this period.” Thus, he’d “expect the growth in the fourth quarter, and maybe into early next year to slow somewhat.”
Williams also noted that the economy is still in a extraordinary situation that needs fiscal support. “The reason the economy is still going is because we know people still have some of the stimulus checks and unemployment checks,” he said. “Those saved benefits are helping people pay rent and put food on the table.”
