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.

The views expressed in this speech are those of the speaker and not the view of the BIS.

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.