Cleveland Fed President Loretta Mester said economic activity started to come back pretty well after reopening in May. However, “over the past week or so, there’s been some leveling off, and I think it’s probably due to the increase in cases not only in Ohio but across the country.”
“It’s going to be a long road back to where we were in February,” she said. “That’s why the Fed has been saying we’re here with our tools and we anticipate having very accommodative monetary policy for quite some time in the future, because it’s just going to take a long time to work through this.”
