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Federal Reserve Governor Michelle W. Bowman said the faster-than-expected US  economic recovery may not prevent a massive loss of small businesses across the country,

Bowman said that census data and conversations with bankers have left her worried that the so far low level of bankruptcies and broadly healthy credit metrics mask what’s happening.

”Covid-19 restrictions “came at a very high economic cost,” she said.

Market implications  

That has been no direct on the market with the narrative already priced in following the latest Federal Reserve interest rate decision, statement and the Fed chair’s press conference last week.