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NY Fed's Williams: U.S. economic growth is slowing as fiscal aid fades

(Reuters) - The U.S. economy was recovering faster than expected until recently, but growth is now slowing as the coronavirus spreads across the country and fiscal aid that supported many households expires, New York Federal Reserve Bank President John Williams said on Wednesday.

“We are still in a very deep recession,” Williams said during a virtual event organized by the New York Fed. “One of the big question marks as we move forward about the economic recovery is how big the effects will be of this very large wave of COVID cases along with the expiration or diminishment of fiscal support.”

Reporting by Jonnelle Marte; Editing by Chris Reese

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