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US economy at risk of falling into ‘sinkhole’, warns Fed official – Sydney Morning Herald
A senior US central banker has warned about the ramifications of Congress removing economic aid too abruptly.
The US economy has lost momentum in recent weeks because of a resurgence of the coronavirus and that may call for more sustained fiscal support to cushion the blow, a senior US central banker said.
“We thought the economy faced a pothole and stimulus put a plate over it so we could navigate,” Federal Reserve Bank of Richmond President Thomas Barkin told a webinar hosted by the Centre for Regional Economic Competitiveness on Tuesday (US time).
“Now escalation of the virus may make the pothole i…
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