Comments from the Chicago Fed President:

  • Outcome-based forward guidance for interest rates and bond-buying could be beneficial in the 'not-too-distant' future
  • More fiscal relief is needed
  • Long way to go before economy back to normal
  • Sees economic activity curbed until virus controlled
  • Sees late-2022 return to peak economic levels if virus is controlled
  • Inflation to run under Fed's 2% goal 'for some time'
  • Expect unemployment around 9% at year end