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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Feds say Michael Flynn is pushing conspiracy theories in bid to hinder caseFederal prosecutors have accused Michael Flynn, President Trump's fmr. national security adviser, of trafficking in conspiracy theories as part of his effort to force the government to turn over documents from the Russia probe.
Read more »
Tree thieves started a forest fire that ravaged 3,300 acres of protected land, feds sayTwo men attempting to steal bigleaf maple trees started a fire in Washington's Olympic National Forest last year that ravaged more than 3,300 acres of protected land, authorities said.
Read more »
Alleged spy caught delivering US government info to China: FedsDOJ alleges that naturalized U.S. citizen was working with Chinese government as 'courier' for info about the U.S. government on behalf of China.
Read more »
Dow plunges more than 400 points on recession fears — Five experts on their future outlookStocks fell more than 400 points on disappointing U.S. economic data. Five experts break down the numbers and their future outlook for the market.
Read more »
Williams says the Fed has the tools to fight a recession and can use them 'more quickly' next time'Some of the concerns about the costs and the negative effects ended up being much smaller than some of the fears,' the New York Fed president said.
Read more »
Jim Cramer says this is 'a good time to start looking for stocks to buy into weakness'To investors who fear a recession or Elizabeth Warren's chances to win the presidency, Jim Cramer says, 'I think you're going to miss out on some terrific opportunities.'
Read more »