Fed's Williams: Growth is slowing due to lack of fiscal aid

The US economy was recovering more strongly than expected until recently, New York Federal Reserve President John Williams said on Wednesday, as reported by Reuters.

Additional takeaways

"We are still in a very deep recession."

"Recent data showed signs of slowing in the pace of growth due to second wave of COVID cases."

"Growth is also slowing due to lack of fiscal aid, which is expiring or diminishing."

"The economy in 2021 will depend on when vaccine becomes widely available."

Market reaction

These comments failed to help the greenback find demand. As of writing, the US Dollar ındex was down 0.18% on the day at 91.15.