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8/3, 8:19 PM (Source: TeleTrader)
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More work needed on labor market recovery - Fed's Bowman

Federal Reserve Governor Michelle Bowman said on Tuesday there is more to be done to help the US economy recover from the pandemic and improve labor market conditions, despite noting "recent positive momentum."

"I am hopeful that we will continue to build on this recent positive momentum, since there is more work to be done to get the economy back on strong footing, as it was before the public health emergency," Bowman said in a speech. The Fed governor also explained that it may "take some time" for people to re-enter the labor force given the disruptions caused by the coronavirus.

Earlier this week, Fed Governor Christopher Waller stated he would support a start to tapering of the bank's asset purchase program as early as this October should the next two unemployment reports show sufficient gains.

Breaking the News / JC