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The economic recovery in the US depends on vaccines remaining effective against the new variants of the virus,  Boston Federal Reserve President Eric Rosengren said on Monday but noted that they should experience a significant rebound, per Reuters.

Additional takeaways

“The current highly accommodative stance of monetary policy is appropriate.”

“Labor-market slack is still significant  and inflation is still below the Federal Reserve’s 2% target.”

“Expecting unemployment rate to fall back to pre-pandemic levels over the next couple of years.”

“Domestic travel is likely to pick up as people become vaccinated.”

Market reaction

The US Dollar Index showed no immediate reaction to these remarks and was last seen losing 0.1% on the day at 92.08.