National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Despite Progress, Fed Officials See Long Recovery Ahead
Federal Reserve officials on Friday tempered expectation for economic recovery from the COVID-19. In separate digital forums, Fed Chairman Jerome Powell, Boston Fed President Eric Rosengren and Minneapolis Fed President Neel Kashkari all spoke of a long road ahead.
Notwithstanding the success of the Fed’s Main Street Lending Program and other measures, Rosengren said, “more support is likely to be needed from both monetary and fiscal policy.” He added, “I expect the unemployment rate to still be at double-digit levels at the end of the year,” due to “persistent economic headwinds from the pandemic.”
Kashkari warned, “If there is a second wave, I would expect the unemployment rate to climb again.”
Powell reiterated that the U.S. economic recovery won’t be quick or smooth. “We will make our way back from this, but it will take time and work … The path ahead is likely to be challenging,” he said Friday.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
