Chicago Fed President Charles Evans said the current recession is “unique in its swiftness severity and scope”, without modern precedent. He added that not all businesses could survive even after the coronavirus subsides. New policies are required to help the people affected through the downturn.

“Tragically, the most affected are our most vulnerable neighbors – those who don’t enjoy paid sick leave, can’t work from home or don’t have much cushion in their savings accounts. Their future is highly uncertain and will require new policies to help them through this difficult transition,” he said.

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