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Mester Says Rebound Is Like A Tale of Two Cities

FED
  • Cleveland Fed President Loretta said in Q&A Monday she expects wide variance from sector to sector in the rebound from coronavirus. She says economic activity has picked up in areas responsive to low interest rates like housing and auto but not restaurants and other industries. "It is like a tale of two cities."
  • "I think that's gong to continue for some time," she said. "We still have the economy very much driven by what happens to the virus."
  • "We are still in a deep hole...We are still down 11 million jobs," Mester said.
  • The Cleveland Fed chief said the economy "need[s] some more fiscal support" and for monetary policy "we expect to be very accomordative for quite a long time."
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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