Atlanta Fed President Raphael Bostic said reopening of the state has been a “mixed bag. “Some places and some people are feeling like they’re very prepared to jump back into the economy and get back to where they were pre-crisis,” Bostic added. “But there are a lot of businesses where they’re not seeing the same kind of foot traffic they were before.”
He reiterated his two primary concerns. Firstly, surge in unemployment could be permanent rather than temporary. The coronavirus could come back with a second wave and further curtail activity. “If that happens repeatedly, then I think the recovery is going to struggle a bit,” he said.
Bostic also said he’s “not a big fan of negative rates” and he’s “concerned about flare-ups and consumer impact”.
