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“Policymakers will do whatever they can to support the return to full employment and stable prices,” Boston Federal Reserve Bank President Eric Rosengren said on Tuesday. Rosengren further acknowledged that the unemployment rate is likely to remain at double-digit levels by the end of the year.

Additional takeaways

“Households may remain reluctant to spend or to return to work because of public health concerns.”

“It is vital that reductions in business restrictions not result in worse health outcomes and higher unemployment.”

“Fed facilities helped relieve pressure in short-term funding markets.”

“Main Street lending program opening in coming weeks won’t assist everyone but will provide an important bridge for many businesses.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen losing 0.22% on the day at 99.40.