Negative interest rates are not a tool that makes sense for the U.S. central bank, New York Federal Reserve Bank President John Williams said on Thursday.
“We have other tools that I think are more effective and more powerful to stimulate the economy,” Williams said during a moderated conversation organized by Stony Brook University in Long Island, New York.
“I don’t think negative rates is something that makes sense given the situation we’re in because we have these other tools that can be used.” He said the Fed’s Main Street Lending Facility, which will help medium sized businesses, should be able to make an “enormous” amount of loans when it launches over the next couple of weeks and that the Fed is not limited in how much it can lend.
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