By Jonnelle Marte
NEW YORK, Mar 30 (Reuters) – As more Americans get vaccinated and households and businesses benefit from fiscal support, there is reason to be optimistic about the U.S. economy, the chairman of the Federal Reserve Bank said on Tuesday. New York, John Williams.
“I’m optimistic about the economy in general,” Williams said during a small business virtual event hosted by the New York Fed and AARP. “We are making great strides in the vaccination program … I think we have a lot of positives going forward.”
He also assured that the low interest rates following the rate cuts by the Fed reduce borrowing costs and can help the economy to recover.
Central bank authorities agreed at their March meeting to keep interest rates close to zero and to continue buying $ 120 billion a month in bonds until “substantial progress” is made in the agency’s inflation and labor market targets. .
But fiscal support, including aid to homes and small businesses, will also be important for the recovery going forward, Williams said.
Earlier Tuesday, the New York Fed and AARP released research showing that the coronavirus pandemic dealt a severe blow to small, larger American-owned businesses from minority groups, and that Asian-owned firms were particularly hard hit by it. closures and declining revenue.
(Report by Jonnelle Marte, Edited in Spanish by Manuel Farías)