8/2, 7:51 PM (Source: TeleTrader)
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Fed's Kashkari: Not containing virus will slow recovery

Letting the coronavirus outbreak "rage" across the United States could lead to "many, many" more businesses bankrupting, Federal Reserve's Neel Kashkari (pictured) warned on Sunday.

The president of Fed's Bank of Minneapolis suggested that another lockdown could help control the pandemic and speed up the economic recovery. "Fear is a huge driver," Kashkari said, noting that "until we have real evidence that it's safe, we're not going to have a meaningful economic recovery."

In addition, Congress could provide more support to those who were laid off due to the surge in personal savings during the pandemic, the official stated.

Breaking the News / MD