FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16, 2019. REUTERS/Ann Saphir.
August 12, 2020
(Reuters) – The enhanced unemployment benefits provided to jobless Americans helped to offset the negative demand shock caused by the virus and there is little evidence the payments deterred people from seeking new work, San Francisco Federal Reserve Bank President Mary Daly said on Wednesday.
The Fed official also said the economic recovery will be slow and gradual, depending on the virus, and that she is not expecting a V-shaped recovery.
Any policies that can encourage consumers to keep spending during the downturn will help the recovery, Daly said during a virtual event organized by the Economic Club of Las Vegas.
(Reporting by Jonnelle Marte; Editing by Sandra Maler)