July 7, 2020 / 4:53 AM / a month ago

Fed's Bostic says U.S. recovery may be 'levelling off' - FT interview

FILE PHOTO: Raphael Bostic, President of the Federal Reserve Bank of Atlanta, poses for a photo in Knoxville, Tennessee, U.S., March 23, 2018. REUTERS/Ann Saphir

(Reuters) - Atlanta Federal Reserve Bank President Raphael Bostic said the U.S. economic recovery is in danger of stalling due to the recent spike in coronavirus cases across many American states.

High-frequency data had shown a “levelling off” of economic activity both in terms of business openings and mobility, he told the Financial Times newspaper in an interview published on Tuesday.

"There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise," he told the newspaper on.ft.com/2VSiu9v.

“And so we’re watching this very closely, trying to understand exactly what’s happening.”

California, Texas and Florida are all among two dozen U.S. states reporting high infection rates as a percentage of diagnostic tests conducted over the past week, an alarming sign of a virus still spreading largely unchecked throughout much of the country.

The U.S. death toll from the virus has topped 130,000, Reuters calculations show.

Reporting by Kanishka Singh in Bengaluru; Editing by Shri Navaratnam

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below