Fed’s Mester: Recovery will be slow and require more fiscal and monetary support

Economy
© Reuters. FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester poses during an interview on the sidelines of the American Economic Association’s annual meeting in San Diego © Reuters. FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester poses during an interview on the sidelines of the American Economic Association’s annual meeting in San Diego

(Reuters) – Economic activity and hiring tempered while coronavirus cases were increasing, confirming that the recovery will be slow and that the economy will require more support from monetary and fiscal policy, Cleveland Federal Reserve President Loretta Mester said Friday.

“I do believe the recovery is going to be a slow one,” Mester said during an interview with CNBC. Economic data should reflect growth in the third quarter as businesses reopen, but that doesn’t mean the economy is in the clear, she said. “I do think that there’s more pain out there that we’re going to have to support the economy through.”

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