With crisis response in place, Fed looks to long term
- Editor Desk
- Jun 10, 2020
- 1 min read
WASHINGTON, June 10 (Reuters) - The Federal Reserve completes its latest policy meeting on Wednesday with attention turning from its massive response to the coronavirus pandemic and toward its still-developing plans to strengthen and lengthen a nascent economic recovery.
An employment report showing 2.5 million jobs were created in May surprised economists with the speed at which firms started rehiring workers laid off en masse as virus-containment efforts forced businesses to close and consumers to stay home.
While a source for some optimism, Fed officials have been uniform in saying economic statistics for now are less important than progress in the health crisis. The economy is officially in a recession that began in February, and policymakers agree risks will remain high until it is clear a second wave of infections won't force people back indoors.