WASHINGTON (AFP) - Federal Reserve bankers feared the US economy would need more aid to weather the coronavirus downturn as previsions of a key spending measure expired, according to meeting minutes released on Wednesday (Aug 19).. Read more at straitstimes.com.
WASHINGTON - Federal Reserve bankers feared the US economy would need more aid to weather the coronavirus downturn as previsions of a key spending measure expired, according to meeting minutes released on Wednesday .
Around the same time, Congress authorised the US$2.2 trillion Cares Act spending measure that included loans and grants to small businesses, extra money for unemployed people and direct payments to all Americans, measures that have been credited with blunting the downturn somewhat. "A number of participants observed that, with some provisions of the Cares Act set to expire shortly against the backdrop of a still-weak labour market, additional fiscal aid would likely be important for supporting vulnerable families, and thus the economy more broadly, in the period ahead," according to the minutes.
FOMC members"generally agreed that prospects for further substantial improvement in the labor market would depend on a broad and sustained reopening of businesses," which would"depend in large part on the efficacy of health measures taken to limit the spread of the virus," the minutes said.
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