U.S. economy will likely need more support, Fed's Rosengren says
Rosengren repeated his view that the U.S. unemployment rate will likely be “at double-digit levels” at the end of 2020 and cautioned against reopening the economy too quickly after the end of lockdowns aimed at containing the virus.
The U.S. central bank moved quickly to support the economy by cutting interest rates to near zero and rolling out a slew of emergency lending facilities meant to keep credit available for businesses and households. In his remarks on Friday, Rosengren said those moves likely were not enough. The Fed’s Main Street Lending Program, which targets small and medium-sized businesses, was officially launched this week after nearly three months of planning. Some small lenders and small business consultants said the program may not be a good fit for many of the businesses struggling because of the coronavirus.
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