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Consumer spending in the United States will likely be lower relative to the past until social activities carry less risk, Boston Federal Reserve President Eric Rosengren said on Wednesday.

Additional takeaways

“Recent slowdown in the US economic activity is likely to continue as states restrict activities.”

“With social distancing requirements, momentum toward returning quickly to full employment is fading.”

“There has been a steady increase in Main Street loans as businesses and banks become more familiar with the program.”

“There are currently more than $856 million in active loans, with more than $250 million settled.”

Market reaction

The US Dollar Index edged slightly higher in the last minutes and was down 0.2% on the day at 93.46 at the time of press.