June 17, 2020 / 4:46 PM / 17 days ago

Fed's Bostic says pandemic exacerbated structural inequalities

June 17 (Reuters) - The coronavirus pandemic is hitting minority communities harder than others and recent incidents of racial discrimination around the country have shed light on the moral and economic costs of racism, Atlanta Federal Reserve Bank President Raphael Bostic said Wednesday.

“The pandemic has hit lower income and minority communities much harder than it has others and really exacerbated a lot of the structural inequalities that we had seen in this country,” Bostic said Wednesday during a virtual event with the Atlanta Consular Corps.

Bostic, the Fed’s only African American policymaker, last week issued an impassioned call for an end to racism and laid out ways the U.S. central bank can help do so. (Reporting by Jonnelle Marte, Editing by Franklin Paul)

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