Atlanta Fed president 'concerned' about uneven economic recovery
Atlanta Federal Reserve President Raphael Bostic said Sunday that he's "concerned" the road to recovery from the coronavirus pandemic may be uneven for different sectors of the U.S. economy.
Though Bostic acknowledged that the U.S. is "recovering and rebounding in a very robust way" in some areas, he warned that hotels, restaurants, and small businesses in minority and lower-income communities, in particular, are "seeing much more difficult situations."
"[The coronavirus] has put a wedge in our economy. And for all those who have been in more precarious situations, it's made them even more precarious," Bostic told CBS' "Face the Nation." "Those that have been in distress are in much more distress, while others are not really feeling that at all. And I think it's important to recognize that whatever people are experiencing, there are a lot of other Americans out there who are struggling and are on the edge."
"Those segments where we're not seeing that recovery, that's really what I'm concerned about as we move forward," he added.
Bostic said he believes that the Federal Reserve can support the Black community and other minority communities that are struggling with racial inequities by being more willing to talk about the situation.
"First of all, we have to acknowledge that there's a problem and we have to be willing to talk about it," Bostic said. "You know, my institution has for a long time not been willing to be out in front to talk about the importance ...
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