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There are indications that the economic recovery is slowing down in states experiencing large-scale coronavirus outbreak, New York Federal Reserve Bank President John Williams said on Tuesday.

“The economy is still far from healthy and a full recovery will likely take years,” Williams added. “We’ve likely seen the low point of the downturn.”

Market reaction

The US Dollar Index, which came under heavy selling pressure amid month-end flows, ignored these comments and was last seen losing 0.08% on the day at 97.40.