Boston Fed President Eric Rosengren said yesterday that unemployment will likely “peak at close to 20%” in the US. “Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels.” He emphasized that “public health solutions are paramount”. Without them, it will be “virtually impossible to return to full employment”.
He added that the Main Street Lending Program, which is expected to open in the coming weeks, is an “important program”. “It will not be able to assist everyone, but we expect that it will provide an important bridge for many businesses that employ much of the American workforce,” he added.
