By Vicki Schmelzer
NEWARK, N.J. (MaceNews) – The U.S. economy is “strong” and in a “good place,” New York Fed President John Williams said Friday.
Williams, during an appearance at Rutgers University, expressed optimism about the regional New York-New Jersey economy, and the country as a whole, noting that U.S. job growth was “strong.”
On the Fed’s most recent decision to lower rates, Williams said the central bank looked at hard and soft data. FOMC members then debated what interest rate would be best to achieve the central bank’s dual mandate of price stability and maximum employment. With this decision, the Fed is saying that given where the economy is today, “this is the interest rate” that will keep the U.S. economy on track, Williams said.
In Q&A, when asked about regional economic disparities, Williams acknowledged that larger gateway cities on the East and West Coasts were booming, while smaller and medium sized cities were “not seeing the same growth.”
When asked about challenges facing small businesses, he noted that while credit costs were low, credit availability was “still a major issue.”