Comments from Mester:

  • Expects positive growth in Q3 and Q4 after Q2 bottom
  • Some businesses initially hoping to avoid job losses have had to let workers go
  • Unemployment rate will end 2020 in high single digits
  • New policy clarifies that in the absence of inflation pressures or financial stability risks, strong employment is not a concern
  • Sustainable recovery recovers more fiscal support

The final pre-election FOMC is Sept 16.