Fri, May 07, 2021 @ 14:09 GMT
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Fed Rosengren: Economy to remain weaker than hoped through summer and fall

Boston Fed President Eric Rosengren said yesterday that “I do expect unfortunately that the economy is going to remain weaker than many had hoped through the summer and fall”. He added the Fed’s Main Street Lending program could grow over time and the program will be “an important way to make sure that firms don’t close.”

Richmond Fed President Thomas Barkin said “businesses like construction had pretty good pipelines and kept going”. But “new orders are not coming on line in the same way. We have fiscal payments … that are coming to an end and it is not clear what is going to replace them.”

St. Louis Fed President James Bullard said he’s “still pretty optimistic in my base case about the recovery”. “Masks will become ubiquitous throughout the economy and… fatalities will go way down.” He expected unemployment rate to drop to “maybe even 7%” by year end.

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