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“We have a lot of economic pain we’re experiencing today and that’s likely to continue for some time,” NY Fed President John Williams told CNBC on Friday.

Williams further noted that he doesn’t see the economy being back to its full strength by the end of the year. “Sectors like construction may bounce back more quickly,” Williams added. “We have seen significant improvement in liquidity and market functioning for treasuries and other securities.”

Market reaction

These comments were largely ignored by the market participants and Wall Street’s main indexes remain on track to open the day sharply higher with US stock index futures gaining more than 2% on the day.