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Cleveland Fed Pres. Mester says "very...........>

FED
FED: Cleveland Fed Pres. Mester says "very accommodative" monetary policy needed
to support the recovery, with rates near zero through 2022. 
- Makes sense to continue to monitor recovery, support flow of credit. Several
different scenarios can play out, uncertainty on economic conditions "extremely
high" as states reopen. 2Q GDP to see largest decline on record.
- Firms in district recalling workers more slowly than originally intended.
Deterioration in labor market "even sharper" than official stats indicate.
- Inflation to remain below 2% "for some time to come."
- Q&A and media Q&A to follow remarks prepared for Council for Economic
Education in NY.
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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