Fed's Daly: Sees moderate, gradual recovery going forward

San Francisco Fed Pres. Mary Daly is a voting member in 2021

• Moderate gradual recovery going forward
• Surging Covid 19 cases creates uncertainty, could slow pace of growth
• Lack of resolution on political process ads to pervasive uncertainty
• Vaccine news hardening, but economy is being dictated by virus which is surging
• Some sectors like restaurants, tourism, need more support
• Will need more unemployment insurance, more PPP or similar program
• Fed policies now are giving people a bridge, exact same policies will be stimulative 1 pandemic is passed
• Fed is prepared to do whatever it takes to support economy