Fed's Bostic: Recovery in a rough patch now


The economic recovery in the US is in a rough patch now but the outlook for jobs is not totally gloomy, Atlanta Fed President Raphael Bostic said on Thursday, as reported by Reuters. Bostic further noted that he is optimistic that the faster job growth of last May and June can return with vaccinations.

Additional takeaways

"A lot of the strength households currently feel in their finances depends on the outcome of fiscal discussions."

"Hope there is a consistent approach that is approved by both banks and communities in the Community Reinvestment Act (CRA) reform."

Market reaction

The greenback remains under strong bearish pressure following these remarks. As of writing, the US Dollar Index, which tracks the USD's performance against a basket of six major currencies, was losing 0.48% on a daily basis at 89.75. 

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