Fed’s Rosengren: Need to do more to support the economy

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President-elect Joe Biden’s proposed stimulus is big but appropriate, Boston Federal Reserve President Eric Rosengren said on Friday, as reported by Reuters.

Additional takeaways

“We need to do more to support the economy.”

“Expecting to have a tighter policy as we get closer to full employment.”

“We are pretty far from that time.”

Mix on fiscal and monetary policy right now is appropriate.”

“The main problem with the economy now is that we have the wrong pandemic policy.”

“Economic forecasting between now and September is based on how fast vaccines are rolled out.”

“Next 6 months slower growth is expected because of challenges in inoculating.”

“Expecting to see a very strong second half of the year.”

Market reaction

US Dollar Index preserves its bullish momentum after these comments and was last seen gaining 0.52% on the day at 90.70.

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