NY Fed President: Growth Will Be Significantly Slower than Last Year, Probably Below 1% GDP

EXCERPT:

WILLIAMS: "I'm not going to make a prediction around recessions or anything like that, because our objective is maximum employment, price stability. So of course, private sector economists, you know, are asked those questions a lot. I'm more focused on what's the outlook for the economy, what are some of the risks to that, and how do we get monetary policy positions. So I definitely have a view that growth this year is going to be significantly slower than last year, probably somewhat below 1 percent GDP growth for the year. And unemployment will come up to about 4.5 to 5 percent. So there's a slower economic outlook. That's not a recession, that's just a slower outlook, slower growth than we've seen in the past couple of years."