June 17, 2020 / 10:07 PM / 2 months ago

Fed's Mester said U.S. economy faces a 'long road back'

FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester speaks in London, Britain, July 2, 2019. REUTERS/Marc Jones

(Reuters) - It could take a long time for the U.S. economy to heal from the shock caused by the coronavirus pandemic, and monetary policy will need to remain accommodative to support the recovery, Cleveland Federal Reserve Bank President Loretta Mester said on Wednesday.

“This is going to be a long road back,” Mester said during a conversation with reporters.

Mester said a positive scenario in which the economy rebounds quickly after there is a vaccine that enables consumers to feel completely comfortable spending is not one that she is putting a lot of weight on. “If you look at most economists’ forecasts, they foresee that things are going to take a while to come back,” she said.

Reporting by Jonnelle Marte; Editing by Sandra Maler

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