The Federal Reserve will have to keep supporting the economy because the recovery from the coronavirus pandemic “is going to be a slow one,” a top official at the central bank said Friday.
“There’s more pain out there that we’re going to have to support the economy through,” Loretta Mester, president of the Cleveland Fed, told CNBC’s Steve Liesman during a “Squawk Box” interview. “What that looks like, we’re going to have to take our time to evaluate that, but I think accommodative monetary policy is going to be very important throughout this recovery.”
Earlier this year, the Fed slashed rates to near zero as the coronavirus outbreak forced the U.S. economy to shut down. The central bank…