New York Fed President: The Federal Reserve will have a clearer understanding of the economic outlook after June and July.

New York Fed President John Williams stated that policymakers may need several months to have a better understanding of the economic outlook. "We can't just understand what's happening here in June, and we won't in July either," Williams said on Monday at a meeting organized by the Mortgage Bankers Association. "This will be a process of collecting data, gaining a clearer picture, and observing developments." Williams continued to emphasize that uncertainty not only limits policymakers but also makes it difficult for businesses and households to predict how Trump's tariffs and other policies will reshape the U.S. economy.