The Federal Reserve is well prepared to navigate the U.S. economy’s challenging path to recover from the effects of the coronavirus pandemic, and the central bank can resume emergency lending efforts if it deems it necessary, Federal Reserve Bank of New York President John Williams said Tuesday.

“We’re still in a deep recession” with high unemployment and an economy far from full strength despite its recent dramatic rebound, Mr. Williams said during a virtual event held by The Wall Street Journal. However, Mr. Williams noted…

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