NY Fed’s Williams says challenging period ahead for some sectors of economy

John Williams, CEO of the Federal Reserve Bank of New York, speaks at an event in New York
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

October 16, 2020

(Reuters) – Some segments of the U.S. economy, including travel, hotels and the arts, will continue to struggle as the economy heals from the damage caused by the pandemic, but joint efforts from government, community leaders and businesses will help the sectors recover, New York Federal Reserve Bank President John Williams said Friday.

“I do still think the fundamentals of the sector are very strong,” Williams said during a virtual event about culture and the arts organized by the New York Fed. “I am an optimist about the longer term period, I think it’s just going to be a challenging period to get to that.”

(Reporting by Jonnelle Marte)