Fed’s Bostic Warns of Short-Term Risks to Recovery

President of the Federal Reserve Bank of Atlanta, Raphael Bostic, said on Tuesday that weak October retail sales are showing short-term risk to economic recovery in the United States from the impact of the Coronavirus pandemic, Reuters reported.

“We have short-term and immediate-term concerns with the spike in the virus and what that is going to do in terms of businesses and the things that they are able to produce, in terms of consumers in terms of their willingness to go out and buy things.”

“That is paired with some medium-term positive signs.”

“The vaccine is definitely positive news and it will definitely lead to a pretty robust recovery once it gets into the population deep enough.”

“We are going to be paying really close attention to the numbers moving forward to see whether this weakness in retail sales translates into something more deep.”