Nevertheless, Rosengren said the coronavirus will continue to hit the economy, particularly employment.
it took during the financial crisis. Among the moves have been taking benchmark short-term interest rates to near zero, a new round of unlimited asset purchases, and multiple programs aimed at keeping financial markets moving and getting money to businesses and individuals in need.Rosengren noted that "it was proving a challenge for the funds to sell high‐quality debt of even the strongest companies and states.
Economic activity has sputtered as public health officials instituted social distancing practices to help slow the coronavirus spread. While providing an important public service, the practice also is "distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full‐blown financial crisis," Rosengren said.
Like other Fed officials, he predicted that the economy would continue to suffer as the efforts to contain the virus continue. "We must continue to adapt as the crisis proceeds, with constant attention to the plight of workers who have been or will be laid off. Unfortunately, we expect the unemployment rate to rise dramatically," he said.
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