Federal Reserve Bank of New York President John Williams told CNBC that even a swift resolution to the coronavirus pandemic is unlikely to bring a fast recovery to the U.S. economy. He tied the prospect of a slow economic recovery in part to caution by the public that is likely to outlast any social-distancing and other government restriction.
- Be Smart: Americans are worried about lifting stay-at-home orders too quickly. Nearly six in 10 in a WSJ/NBC survey said they were concerned that the country would move too fast to loosen restrictions aimed at slowing the outbreak.
- Consensus from the Fed: Other regional Fed officials share the assessment that it will take time for the economy to right itself, WSJ noted. Philadelphia Fed leader Patrick Harker said he doesn’t expect a snapback quickly once the all-clear signal arrives from health experts. “I’m not a fan of the V-shaped recovery, I don’t think it will be that V. But the goal is to make a U, but a very narrow U.”