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President of the Federal Reserve Bank of Atlanta Raphael Bostic said on Thursday that economic recovery and job creation will improve as Coronavirus vaccines are more widely distributed, Bloomberg reported.
The Atlanta Fed President believes that the path of economic recovery depends on the development of the pandemic situation and the rollout of vaccines.
He further noted that the progress made by the labor market stalled in recent months due to the resurgence of the virus.
Bostic pointed to the focus on employment as something essential to the Fed.
“Just to remind you, our mandate is full employment.”
“It’s not full GDP. It is not the size of GDP. So this disparity is something that is important and something we are going to have to continue to watch closely.”
“The recovery is really in a rough patch.”
“Recovery might feel like it is very present for many of us. For those at the bottom of the income distribution, they are still in deep crisis.”
