Fed's Williams: We are still in an extraordinary situation with COVID

Regarding the fiscal policy and additional stimulus, New York Federal Reserve President John Williams noted that they are still in an extraordinary situation with the coronavirus outbreak, as reported by Reuters.

Additional takeaways

"Fed's inflation target will call for inflation going modestly above 2% for some period of time."

"Climate change is a risk to financial stability and important for financial institutions to understand the risks of loans they make."

"The reason the economy is still going is because we know people still have some of the stimulus checks and unemployment checks."

"Those saved benefits are helping people pay rent and put food on the table."

Market reaction

The US Dollar Index stays in the negative territory after 92.90 after these remarks.