Fed's Bowman sees slow, uneven recovery ahead

(Reuters) - The U.S. economy has bounced back 'noticeably' from the depths of the coronavirus recession, Federal Reserve Governor Michelle Bowman said on Wednesday, but it is still far from back to normal and will take some time to get there. 'Progress toward a full recovery in economic activity may well be slow and uneven,' Bowman said in remarks prepared for delivery to the Kansas Bankers Association

Reuters August 27, 2020 00:06:30 IST
Fed's Bowman sees slow, uneven recovery ahead

Feds Bowman sees slow uneven recovery ahead

(Reuters) - The U.S. economy has bounced back "noticeably" from the depths of the coronavirus recession, Federal Reserve Governor Michelle Bowman said on Wednesday, but it is still far from back to normal and will take some time to get there.

"Progress toward a full recovery in economic activity may well be slow and uneven," Bowman said in remarks prepared for delivery to the Kansas Bankers Association. "The Federal Reserve will continue to monitor progress and respond promptly and flexibly to support the recovery."

To help shape her understanding of the outlook, Bowman said she is in the process of speaking individually with every CEO of 650 Fed-supervised community banks across the country.

The pandemic "continues to weigh heavily on our national economy," she said, and community banks remained well-positioned to help support the recovery.

Bowman's comments come a day before central bankers gather for an annual meeting typically held in Jackson Hole, Wyoming but this year held virtually because of the COVID-19 pandemic.

(Reporting by Ann Saphir; Editing by Chizu Nomiyama)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied