Williams speaking at an event in NY

  • Can be lots of ambiguity in economic data

When asked about trade war effects:

  • says so far US tariffs do not have big effect on overall growth, inflation
  • bigger effect of higher US tariffs is uncertainty for businesses
  • hearing some businesses stepping back from investments; likely slows economy a bit
  • 'relatively small' direct effect on economy of tariffs so far; the real worry is 'full blown trade war'