© Reuters. FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester speaks in London
(Reuters) – The U.S. economy still has a long way to go to fully recover from the crisis caused by the coronavirus pandemic, which fell hardest on minorities and people with lower levels of education, but the outlook is improving, Cleveland Federal Reserve Bank President Loretta Mester said on Thursday. “While the economy is still far from our policy goals of maximum employment and price stability, progress is being made and the economic outlook is brightening,” Mester said in remarks prepared for a virtual event with students from Swarthmore College. The Fed official noted that the crisis worsened existing racial disparities that make it harder for minorities to access quality education, jobs and credit. She said it’s important for policymakers to be aware of these differences to help inform their understanding of the economy and the actions they take to support it.
“Understanding differences across demographic groups, industries, and areas of the country helps us to assess the strength of the economy … and assess whether the policy actions are achieving their goals,” she said.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.