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Eric Rosengren, president and CEO of the Federal Reserve Bank of Boston says that the US economy expected to remain weaker than many hoped through summer, autumn.

Key comments

Says more than 400 lenders have either registered or are in the process of signing up for the main street lending program. 
Says early applicants for Fed’s main street loans include movie theaters, software companies and oil well servicers, among others.
Says he expects the US economy to remain weaker than many had hoped through the summer and fall.
Says he expects over time that the Fed will see a reasonable volume of main street program loans as economy struggles with coronavirus.
Says term sheet for expanding main street loan program to nonprofits should be made public within the next seven days.

More to come…