Comments from the Richmond Fed leader

Comments from the Richmond Fed leader
  • Higher virus cases could be a significant impediment to confidence
  • Uncertainty is high
  • We will know more in the next couple of weeks
  • "Most everyone thought in March, that this would be a couple of months and then done"

What an embarrassing quote that is. Who thought that?

  • Says spending flattened out 3-4 weeks ago based on daily spending data he sees
  • He's worried that spending falls even if jobs come back
  • Worries about scaring on small businesses and propensity to hire