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WorldPosted at: Sep 2 2020 12:50AM


US Central Bank needs more aggressive policy to boost economy - Fed Governor

Washington, Sep1 (Sputnik) - The US economy remains under considerable threat from uncertainties related to the COVID-19 crisis and accommodative monetary policies are critical to avert risks tilted to the downside, Federal Reserve Governor Lael Brainard said on Tuesday.
"The economy continues to face considerable uncertainty associated with the vagaries of the COVID-19 pandemic, and risks are tilted to the downside," Brainard said in a live-streamed speech. "With the recovery likely to face COVID-19-related headwinds for some time, in coming months, it will be important for monetary policy to pivot from stabilization to accommodation... lower-for-longer interest rates could boost financial-sector risks."
The Fed kept interest rates in a range of zero to 0.25 percent after COVID-19 related business lockdowns triggered two consecutive quarters of sharp economic declines that left the United States with its worst recession in history. US GDP fell around 5 percent in the first three months of 2020 and nearly 33 percent in the April to June period. Unemployment rose to a record 14.7 percent in April before stabilizing at around 10 percent now.
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