With a full three months of responding to a global pandemic under their belt, U.S. Federal Reserve officials have united around one point: lasting progress on the economic front will be dictated by success in containing the spread of the coronavirus.
FILE PHOTO: The U.S. Federal Reserve building is set against a blue sky amid the coronavirus pandemic in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque/File Photo
The U.S. central bank has ongoing debates on each front, both about the long-run commitments it might make to anchor interest rates at a low level for the recovery, and the continued hunt, as Fed Chair Jerome Powell put it last week, for companies with substantial numbers of employees that have not been covered in any of the crisis programs launched so far.
Projections due in March were shelved because there was so much fog around the collapsing economy that policymakers felt it pointless to guess where unemployment, inflation and economic growth were headed. Two weeks of protests across the nation over the death of George Floyd, an African-American man who died in police custody in Minneapolis, have added even more uncertainty in major cities, including some that seemingly had the virus under control.
“We are not experts on epidemiology, the spread of pandemics or anything like that,” Powell said in an online event in late May. “We talk to experts, and the main answer they give you is things are highly uncertain.”
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