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The No.2 official at the U. S. central bank said Tuesday it is way too early to discuss whether the outbreak of the corona virus will lead to easing of Federal Reserve monetary policy.

The COVID-19 outbreak will have a noticeable impact on Chinese economic growth, at least in the first quarter, and this could spill over to the rest of the global economy, said Richard Clarida, the Fed’s vice chairman, in a speech to the National Association for Business Economics.

“But it is still too soon to even speculate about either the size or the persistence of these effects, or whether they will lead to a material change in the outlook,” he said.

For now, the U. S. economy remains in a “good place,” with a strong labor market and moderate economic activity, Clarida said.