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5/12, 6:26 PM (Source: TeleTrader)
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Fed's Quarles: Jobless rate to be very high in near future

Federal Reserve (Fed) Vice-Chair Randal Quarles said on Tuesday that he expects the unemployment rate will be extremely high in the near-term.

"Each time that we return to our projections, I think they become more sobering," Quarles said. Even though he noted that the "expectation for the persistence of high unemployment is greater," he declined to provide an exact forecast for the third and fourth quarter.

Asked if the Fed will step in to help cash-strapped mortgage servicers, Quarles answered that "it's right to ensure that we see if the measures that have been adopted by the housing regulators are effective," adding he is not aware "of any bank being close to insolvency."

Breaking the News / TF