Atlanta Fed president ‘concerned’ about uneven economic recovery

Atlanta Federal Reserve President Rafael Bostick said Sunday that he is “concerned” about the recovery path from the coronavirus epidemic for various sectors of the American economy.

Bostick, however, acknowledged that the U.S. In some areas “very strongly improving and repulsive”, he warned, especially in minority and low-income communities, hotels, restrooms and small businesses are “seeing very difficult conditions.”

“[The coronavirus] A wedge has been laid in our economy. “People who were in more precarious situations made it more precarious,” Bostick told CBS. “People who were in distress are in more distress, while others don’t really feel that at all. And I think it’s important to recognize Whatever people are experiencing, there are a lot of Americans out there who are struggling and on edge. “

He added, “The segments where we are not seeing recovery recovery are the ones we are worried about as we move forward.”

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Bostick said he believes the Federal Reserve can support black communities and other minority communities who are struggling with racist inequalities by being willing to talk more about the situation.

“First of all, we have to accept that there is a problem and we have to be willing to talk about it,” Bostick said. “You know, my organization has been preparing for a long time not to go out and talk about the importance of racial inequality. I really think it’s a mistake. And what we’re seeing is a lot of my colleagues are jumping on the bandwagon. Up and ready to talk about this. “

In terms of policy action, Bostick believes that U.S. It also needs opportunities for better education and training and ensures that all Americans have access to capital and can participate in the economy.

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Bostick will be a voting member of the Federal Open Market Committee in 2021; The FOMC makes decisions on interest rates and economic growth.

He previously served as Assistant Secretary of State for Housing and Urban Development Policy Development and Research in the Obama administration from 2009 to 2012, and is considered Treasury Secretary or Federal Reserve Chairman in the administration of former Vice President Joe Biden, who won the 2020 presidential election.

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He ignored the question of whether he would consider the proposal, however, arguing that he has other priorities to consider at present.

“I’ve had an epidemic. I’ve had an economic crisis, and I’ve got my own bank to worry about in terms of the policies we’re pursuing,” Bostick said. “So I’ll let things loose … like it will and we’ll see how it goes.”

According to a recent update by Johns Hopkins University, there are more than 8.1 million confirmed coronavirus cases in the United States and more than 219,000 related deaths.

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