May 21, 2020 / 3:28 PM / 11 days ago

NY Fed's Williams says negative rates are not a tool needed now

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

NEW YORK (Reuters) - New York Federal Reserve Bank President John Williams said negative rates would have adverse consequences for the U.S. economy and he does not view it as a tool the central bank should be using now.

“We’ve looked at this very carefully at the Federal Reserve,” he said. “The view is that negative interest rates are not the right tool to be used right now.”

Williams also said the Fed is not going to raise interest rates any time soon until it is confident the economy is back on track to meet the central bank’s full employment and price stability goals.

Reporting by Jonnelle Marte; Editing by Chizu Nomiyama

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