Lael Brainard: Achieving a broad-based and inclusive recovery

Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the "Post-COVID-Policy Challenges for the Global Economy" Society of Professional Economists Annual Online Conference (via webcast), 21 October 2020.

Central bank speech  | 
22 October 2020
by Lael Brainard
PDF full text
(216kb)
  |  15 pages

I want to express my appreciation to Kevin Daly for inviting me to participate in the Society of Professional Economists Annual Online Conference.

The U.S. economy saw a strong initial bounceback from the depths of the COVID-19 (coronavirus disease 2019) crisis, aided by significant targeted support. The recovery remains highly uncertain and highly uneven-with certain sectors and groups experiencing substantial hardship. These disparities risk holding back the recovery. The Federal Reserve is committed to providing sustained accommodation to achieve a broadbased recovery. Further targeted fiscal support will be needed alongside accommodative monetary policy to turn this K-shaped recovery into a broad-based and inclusive recovery.