Commenting on the latest US Nonfarm Payrolls Report, San Francisco Federal Reserve Bank President Mary Daly argued that jobless numbers won’t stay big if they continue to fight the pandemic and get through it faster.
“The Federal Reserve is doing everything in our power to shore up Americans in the short run and put the economy in position for recovery in the long run,” Daly told CNN.
Market reaction
After trading mixed in the first couple of hours following the opening bell, Wall Street’s main indexes turned south. As of writing, the Dow Jones Industrial Average was down 1.3% while the S&P 500 and the Nasdaq Composite were erasing 1.1% and 0.85%, respectively.
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