Economy Has Likely Bottomed, Fed Member Says

Economy will be “headed up,” Thomas Barkin sugests.

The president of the Federal Reserve Bank of Richmond, Thomas Barkin, believes America’s economy is probably at its lowest point in the coronavirus crisis. He reckons a clear plan to manage risks around the COVID-19 pandemic will inspire confidence to begin a recovery.

While the data detailing the economy’s current performance will lag behind the nation’s performance, “I think we are at the bottom and headed up,” Barkin said in an interview.

Federal Reserve policymakers meeting Tuesday said American businesses and households are going to need more financial support to get through what will likely be a longer period of recovery than expected. Unemployment will get worse around the country, and the recovery will be uneven.

Even as lawmakers and the White House haggle over how much aid should go to what parts of the country and when, Fed officials stressed that more fiscal stimulus is needed in order to boost economic growth.

As the Lord Leads, Pray with Us…

  • For President Trump and members of Congress as they give consideration to additional aid packages to further stimulate the economy.
  • For Americans out of work and out of money and who face difficulty securing unemployment benefits or other assistance to stay afloat.
  • For businesses as they begin a guideline-limited return.

Sources: Wall Street Journal, Reuters, MercoPress


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