A few quotes from Boston Fed's Rosengren........>

FED: A few quotes from Boston Fed's Rosengren (non-voter, hawk prior to

pandemic) in comments to the Greater Providence Chamber of Commerce: 

- On the outlook: "I expect the economic rebound in the second half of the year

to be less than was hoped for at the outset of the pandemic"

- On re-opening risks: "I see a substantial risk in reopening too fast and

relaxing social distancing too much....And even if it turns out that the

response to the pandemic has been calibrated appropriately, the forecast from

FOMC participants highlights the need for additional highly stimulative monetary

policy, including the use of Federal Reserve emergency lending facilities"

- Re May jobs report: "the picture is not as bright as the headline unemployment

rate measure suggests". His unemployment projection of double digits thru 2020

is "somewhat higher" than the 9.3% FOMC median released earlier this month, he

said, adding inflation is likely to remain "well below" the Fed's 2% objective.