On May 19, the President of the New York Federal Reserve, Williams, stated that recent economic data is very good. The economy is close to full employment. The labor market is basically in a balanced state. Inflation has been slowly and gradually decreasing. The first quarter economic growth was unusual due to trade issues. The monetary policy is in a good position. The policy is slightly restrictive and in good condition. Some leading indicators have sent out worrying signals. Trade is an especially uncertain factor.

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