BRIEF-Ny Fed's Williams Says Covid Had An Enormous Shock On Supply And Demand

* NY FED'S WILLIAMS SAYS COVID HAD AN ENORMOUS SHOCK ON SUPPLY AND DEMAND

* WILLIAMS SAYS IT'S REALLY HARD TO DECIPHER WHAT IS AN UNDERLYING OR PERSISTENT FACTOR VERSUS A TEMPORARY FACTOR * WILLIAMS SAYS FED HAS TO WATCH THE DATA AND CONTINUE TO LEARN AS THE ECONOMY PROGRESSES

* WILLIAMS SAYS SOME PRICES CHANGES CAUSED BY COVID WERE CLEARLY TRANSITORY * WILLIAMS SAYS FROM MONETARY POLICY PERSPECTIVE IT IS IMPORTANT TO FOCUS ON MEDIUM TERM

* WILLIAMS SAYS NEW FRAMEWORK IS HELPING TO MOVE INFLATION EXPECTATIONS CLOSER TO FED'S GOAL * WILLIAMS SAYS IT IS IMPORTANT FOR REGULATORY AUTHORITIES AND MACROPRUDENTIAL POLICIES TO FOCUS ON STRENGTHENING THE FINANCIAL SYSTEM SO MONETARY POLICY CAN FOCUS ON THE ECONOMY Source text for Eikon: Further company coverage: [ ]