March 6, 2020 / 4:32 PM / in a month

Fed's Evans says U.S. should support workers who lose pay if coronavirus worsens

FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans looks on during the Global Interdependence Center Members Delegation Event in Mexico City, Mexico, February 27, 2020. REUTERS/Edgard Garrido

(Reuters) - Federal Reserve officials said they will consider various scenarios when they gather at their March policy meeting and that the most effective response from U.S. officials will be one that supports workers who lose pay because of the coronavirus.

“The most effective tools would be getting some type of liquidity and funds in the hands of the people who need it the most,” Chicago Fed Bank President Charles Evans said on a panel at an event hosted by the Shadow Open Market Committee in New York.

Low-wage workers in particular could suffer financially if they are required to stay home from work for weeks without pay, Evans said. “The consumer has been very strong in the recovery and so maintaining that has the greater hope of maintaining the recovery and expansion going forward,” he said.

(This story corrects headline and first paragraph to show Evans was talking about what U.S. officials broadly should do, not specifically the Fed

Reporting by Jonnelle Marte; Editing by Chizu Nomiyama

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