He cited three constraining factors: a global slowdown, geopolitical uncertainty and tighter financial conditions.
The U.S. economy is heading into a"new normal" of slower growth that likely will keep monetary policy restrained, New York Federal Reserve President John Williams said Wednesday.
"Now, I know this talk of slowing growth is causing uncertainty, some hand-wringing, and even fear of recession. But slower growth shouldn't necessarily come as a surprise," Williams said in prepared remarks."For quite some time, the economic fundamentals have pointed to GDP growth much lower than what we saw in the 1990s, for example."
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