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

Additional takeaways

“We don’t know what the shape or timescale of the recovery will be.”

“Latest numbers do not reveal full extent of financial devastation faced by American families.”

“FOMC will keep rates near zero until confident US economy is on track to meet full employment and price stability goals.”

“Fed has unwavering commitment to limit the economic damage from the pandemic.”

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

“If anything, inflation is likely to run below trend.”

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

Market reaction

The US Dollar Index is clinging to small daily gains near 99.20 after these comments.