We do not know what form or timing the recovery will take.

The unemployment rate in the United States is sure to get worse before it gets better, the president of the Federal Reserve Bank of New York, John Williams, said on Thursday.

Additional things to remember

“We don’t know what the form or timing of the recovery will be.”

“The latest figures do not reveal the extent of the financial devastation faced by American families.”

“The FOMC will keep rates close to zero until the US economy is on track to meet the goals of full employment and price stability.”

“The Fed has tirelessly committed to limiting the economic damage from the pandemic.”

“The Fed’s actions to support the credit markets and the economy are not at all inflationary.”

“If anything, inflation will likely be below trend.”

“The objective of monetary policy is to try to minimize long-term damage to the economy.”

Market reaction

The US dollar index clings to small daily gains near 99.20 after these comments.