New York Fed Bank President John Williams, who has deep research on the natural interest rate (r-star), refuted the recent claims that the natural interest rate has risen since the epidemic. In the speech draft prepared for the European Central Bank forum on Wednesday, Williams mentioned the recent estimates, which show that the r-star of the United States and the euro area is close to the level before the outbreak of the new crown epidemic. "Although these two sets of estimates show some short-term fluctuations, the main common feature is that the r-star has continued to decline by two percentage points in the past 30 years," he said, "The same pattern also applies to our estimates for Canada. Therefore, according to these estimates, the r-star has remained low." The New York Fed President reiterated his view in May that there is no evidence that this year's data so far shows a rise in neutral interest rates.