for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

Without fiscal support, U.S. economy risks recession: Fed's Evans

Sept 22 (Reuters) - Chicago Federal Reserve President Charles Evans said Tuesday the U.S. economy risks a longer, slower recovery, if not an outright recession, if the U.S. Congress fails to pass a fiscal package to support out-of-work Americans and state and local governments.

“Fiscal support is just fundamental,” Evans said at a virtual meeting of the London-based Official Monetary and Financial Institutions Forum. His own forecast for the U.S. unemployment rate to fall to 5.5% by the end of next year assumes a fiscal package of at least $500 billion or $1 trillion. (Reporting by Ann Saphir Editing by Chizu Nomiyama)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up