Fed’s George: Recovery Could Face Headwinds from Energy Sector

The President of the Federal Reserve Bank of Kansas City, Esther George, said on Friday that economic recovery in the United States could be challenges, due to the Coronavirus impact on the energy sector and reductions in crude oil production.

“Large reserve funds can help to offset some of the decline in tax revenues, but most of these states will also be forced to make spending cuts over the next couple of years, likely creating a further headwind to the recovery.”