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The US economy is under distress from the coronavirus outbreak in ways not experienced in our lifetimes, New York Federal Reserve Bank President John Williams said Thursday and added that the full scale of economic consequences was still unknown.

Key takeaways

“More economic pain is still to come.”

“The Fed cannot act alone, fiscal policy has a critically important role.”

“The coronavirus crisis requires innovative thinking and bold action, the Fed doing the utmost to lessen the blow.”

“The NY Fed is taking rapid and significant actions to promote liquidity and stability in financial markets.”

“Stresses in financial market will not entirely abate until pandemic is behind us.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen up 0.46% on the day at 100.02.