U.S. businesses will face weak demand as long as consumers and workers are worried about public health, and the unemployment rate is likely to still be in the double digits at the end of the year, Boston Federal Reserve Bank President Eric Rosengren said Tuesday.
FILE PHOTO: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo
“Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels,” he said. The Main Street Lending Facility, which aims to make credit available to small and medium sized businesses, should launch by the end of the month, Fed Chair Jerome Powell said on Tuesday.
“It will not be able to assist everyone, but we expect that it will provide an important bridge for many businesses that employ much of the American workforce,” Rosengren said.Fed's Rosengren says central bank would consider lowering minimum loan amount on Main Street facility
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