Atlanta Federal Reserve Bank President Berdych said on Sunday that he was “concerned” about the road to recovery from the coronavirus pandemic, which may not be smooth for different parts of the US economy.
Although Bostic acknowledged that the United States is “recovering and rebounding in a very strong manner” in certain regions, he warned that hotels, restaurants and small businesses, especially in minority and low-income communities, “are facing a more difficult situation.”
“[The coronavirus] Has put our economy in trouble. Bostic told CBS “Face the Country.” For all people in a more precarious situation, this makes them even more dangerous. Those who are in trouble are more painful, while others don’t really feel completely absent. I think it’s important to realize that no matter what people are going through, there are many other Americans who are struggling and on the edge. “
He added: “The market segments where we have not seen a recovery are indeed what I worry about as I move forward.”
Pelosi set a 48-hour deadline to strike a stimulus deal before election day
Bostic said he believes that the Fed can be more willing to talk about this situation in order to support the black community and other minorities struggling with racial inequality.
Bostic said: “First, we have to admit that there is a problem, and we have to be willing to talk about it.” “You know, for a long time, my institution was reluctant to talk about the importance of racial inequality. I actually think That was a mistake. And what we saw was that more colleagues jumped up and were willing to talk about it.”
In terms of policy actions, Bostic believes that the United States needs to create opportunities to improve school education and training and ensure that all Americans have access to capital and can participate in the economy.
Daly said that the US economy, Fed policy is in a “good position”
Bostic will become a voting member of the Federal Open Market Committee in 2021; the Federal Open Market Committee makes key decisions on interest rates and economic growth.
He served in the Obama administration from 2009 to 2012 and served as an assistant secretary for policy development and research in the Department of Housing and Urban Development. According to reports, he should serve in the administration of former Vice President Joe Biden (Joe Biden) Secretary of the Treasury or Chairman of the Federal Reserve. He won the 2020 presidential election.
Click here to start FOX business anytime
However, he raised a question whether he considered the offer and believes he has other priorities to consider at the moment.
Bostic said: “I have a pandemic. I have encountered an economic crisis, and my own bank is also worried about the policies we are implementing.” “So, I will let things continue to develop… we will wait and see.”
According to the latest update from Johns Hopkins University, there are more than 8.1 million confirmed cases of the coronavirus in the United States and more than 219,000 related deaths.
Click here to read more about FOX business