WASHINGTON (REUTERS) - The US economy will have a slower-than-expected recovery amid a surge in novel coronavirus cases across the country and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday (July 14).. Read more at straitstimes.com.
WASHINGTON - The US economy will have a slower-than-expected recovery amid a surge in novel coronavirus cases across the country and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday .
She called on the US central bank to commit to providing sustained accommodation through forward guidance and large-scale asset purchases, and said additional fiscal support would be"vital" to the strength of the recovery. Richmond Fed president Thomas Barkin warned on Tuesday that US unemployment could rise again as businesses adjust to a likely longer recession than first anticipated, and initiatives like the Paycheck Protection Program expire.
Fed officials initially hoped that the virus would be brought swiftly under control in the United States to allow the economy to bounce back quickly and admitted that the forecasts for economic growth made at their last policy meeting in June largely did not factor in the possibility of a second wave.
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