Fed's Williams says structural inequality stifles economic growth

FILE PHOTO: John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri

(Reuters) - The coronavirus crisis has been especially painful for communities of color, and a full economic recovery will require investment in health, education, infrastructure and training, New York Federal Reserve President John Williams said on Thursday.

“Structural inequality stifles growth, but there is no single silver bullet that can solve the problems laid bare by the pandemic,” Williams said in remarks prepared for a virtual forum on economic inequality.

“There is so much work that needs to be done to make sure that we are fostering an equitable recovery and ensuring that everyone is able to fulfill their economic potential,” he said.

Reporting by Jonnelle Marte; Editing by Paul Simao