The president of the San Francisco Federal Reserve, Mary Daly, he told Reuters on Tuesday that he sees a moderate and gradual recovery in the US economy going forward.
Additional conclusions
“The increase in COVID-19 cases creates uncertainty and could slow the pace of growth.”
“The lack of resolution on the political process adds to the general uncertainty.”
“The news on vaccines is encouraging, but the economy is driven by the virus, which is on the rise.”
“Some sectors such as catering, tourism, need more support.”
“More unemployment insurance, more Paycheck Protection Program (PPP) or a similar program will be needed.”
“The Fed’s policies are now giving people a bridge, the exact same policies will be encouraging when the pandemic is over.”
“The Fed is prepared to do whatever it takes to support the economy.”
Market reaction
The US Dollar Index largely ignored these comments and was last seen shedding 0.1% on the day at 92.74.
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Credits: Forex Street
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