Fed's Evans holds media briefing
Fed's Evans is holding a media briefing.
- Reasonable to assume a return to growth in 2nd half
- Social distance a other moves to ensure safety will make growth slow and gradual
- Baseline view of second-half growth is only a bit more likely than other, more pessimistic views
- By summer will have a better idea of the outlook for growth, confidence, spending
- Some businesses are likely to be able to operate safely; others won't, like travel, hospitality
- It's important everyone knows the Fed flat out will do everything it can to help economy
- Businesses need grants, not just loans
- it's a bold move to start reopening, worried about the risks
- Future steps by the Fed may include elements of yield curve control
- Don't currently see a need for policy forward guidance
- Sees April unemployment rising to double digits
