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A renewed upsurge in coronavirus infections is likely to be a persistent risk until a vaccine is developed, Kansas City Federal Reserve Bank President Esther George said on Thursday.

“The pandemic has created serious financial consequences for state and local governments,” George further noted in her remarks prepared for an event organized by the Economic Club of Kansas City.

Key takeaways

“It is concerning the unemployment rate for African Americans showed no improvement in May relative to April.”

“The Fed’s actions have helped to ease financial conditions and improve market functioning.”

“Determining the correct path for monetary policy likely to be more difficult given the volatility in data.”

Market reaction

The US Dollar Index largely ignored these remarks and remains on track to close the day with modest gains near 97.40.