The U.S. economy could recover more slowly than expected from the economic crisis caused by the novel coronavirus, and demand for the Federal Reserve's Main Street lending program, which aims to support small and mid-sized businesses, could grow over time, Boston Federal Reserve Bank President Eric Rosengren said on Wednesday.
The Federal Reserve's emergency lending facilities helped stabilize markets after anxiety over the coronavirus sparked volatility in March, and the central bank stands ready to adjust its approach if necessary, a senior official at the New York Fed said on Wednesday.
Living in a large, expensive city used to pay off for all workers by giving them a shot at better jobs and bigger paychecks.
Direct cash payments can improve financial security, boost consumer spending and may speed up the recovery, according to a letter from a group of economists calling on U.S. policymakers to keep providing direct cash payments to Americans until the economy is stronger.
NEW YORK The Federal Reserve Bank of Boston said on Monday the Main Street Lending Program is now fully operational and ready to purchase eligible loans.
The United States saw the widest gap in unemployment rates for African Americans and whites in five years in June, underscoring an uneven nascent recovery from historic job losses triggered by the coronavirus pandemic.
The U.S. Federal Reserve on Wednesday released thousands of letters and emails from individuals, businesses and nonprofit groups this spring urging wider access to its Main Street Lending Program for Americans slammed financially during the pandemic.
Policymakers need to keep diversity and structural racial inequalities in mind when analyzing the labor market and other measures of the economy, two Federal Reserve officials said on Tuesday.
The U.S. economy is showing signs of a turnaround as businesses reopen, but the pace of the recovery is being slowed by large-scale virus outbreaks in some states and it could be years before the economy is back at full strength, New York Federal Reserve Bank President John Williams said on Tuesday.