Welcome to the forum! Echo is an adorable little guy
He's screeching because- A. He's not fully acclimated to your home B. He hasn't been taught yet how to communicate his needs through lower-volume means and C. He is still a very young bird, and that's what babies do (yes, even feathery ones).
If you feel he is frightened or overstimulated, keep his cage half-covered or provide a little fabric hut or tent to hide in (
Parrot Happy Hut Pet Cozzy Cage Snuggle Tent Bunk Hammock Bird Toy Craft Cages | eBay something like this, or you can make one if your or your wife are any good at sewing) so he feels safe and secure. However, he is going to need to get used to your family, and parrots should NEVER be in a "low traffic" area of a home. They are flock animals, and need to be around their human "flock" as much and as often as possible. Since he is a very new bird, it would probably be advisable to start acclimating him to you and your wife (and any other family members who will be interacting with him daily) ASAP. Remember, parrots are prey animals, and even hand raised babies still have that "instinct" that you could be a predator who wants to eat them. You have to earn and build trust. A good way to start is by pulling up a chair next to his cage and reading in a soft tone of voice to him every day, and offering treats and/or praise when he comes closer to you. You also want to start curbing the screaming right now. The best way to do that is to ignore him when he screams (just turn your back if you're in the room and walk away or don't go into the room). You also want to praise him heavily/give him treats when he makes a nice noise you would like him to make in the future. Yes, you will have to deal with the screeching until he learns that more appropriate noises get him the attention he wants, but most birds pick up the hint within a few months of CONSISTENT ignoring bad behavior/rewarding good. And they all occasionally get a bug up their butt every so often and launch into a screaming tirade, but for the most part, they can be trained to be overall much quieter than they are naturally. I also believe (and some will disagree) that unless you WANT a loud bird, you shouldn't play excessively loud music or be excessively loud yourselves around your bird. They do pick up on ambient noise levels in their environment, and if they live in a extremely loud home, they're going to try and match that noise level. If they live in a calmer, quieter home, they will be calmer and more quiet. Our bird is normally a very quiet boy who makes nice noises to communicate his needs, but the rare occasion we play really loud music, he definitely tries to match and surpass it. Anyways, best of luck with your new boy, and don't be shy about asking questions. You can get some great advice on here
