Chicago Fed President Charles Evans said “monetary policy is about where it can be”. Further monetary easing would only be effective once the situation of coronavirus pandemic is cleared. “At the moment, it’s really fiscal policy that needs to be addressing this.”

“Fiscal policy is really fundamental for getting us going,” he added. “The ball is in Congress’ court.” “It’s very important that something be done. If we go very long without somehow addressing the reduction and evaporation of that support, I think it’s going to show up in lower aggregate demand, and that would be very costly for the economy.”

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