Joins other Fed officials
Boston Fed's Rosengren answers questions after his speech. He says:
- There is a great need to extend payroll protection program
- Main Street program has roughly 3 billion in the portal (but businesses are reluctant to use it)
- Assumed no stimulus until early next year and latest forecast
- Fiscal policy much more effective at times like this
- Fiscal policy can better target areas that have been hardest hit
- It is tragic more fiscal policy not already been deployed
- Does not expect wave of large bank failures, but worries many small, midsize banks may be at risk