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Fed’s Daly says length of support needed by economy…

Aug 4 – The coronavirus outbreak will be staying for “longer and more vigorously” than initially anticipated, which will lead to the U.S. economy needing more support than initially thought, Federal Reserve Bank of San Francisco President Mary Daly said on Tuesday.

“The length of the support that the economy is going to need, before we can ever stimulate the economy, it just has to be longer,” Daly said in an interview reported by Bloomberg News.

Daly also said there is “room to let the economy go well beyond what people think is its maximum level of employment.”

(Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler)

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