The U.S. economy still has a long way to go to fully recover from the crisis caused by the coronavirus pandemic, which fell hardest on minorities and people with lower levels of education, but the outlook is improving, Cleveland Federal Reserve Bank President Loretta Mester said, Trend reports citing Reuters.
“While the economy is still far from our policy goals of maximum employment and price stability, progress is being made and the economic outlook is brightening,” Mester said in remarks prepared for a virtual event with students from Swarthmore College.
The Fed official noted that the crisis worsened existing racial disparities that make it harder for minorities to access quality education, jobs and credit. She said it’s important for policymakers to be aware of these differences to help inform their understanding of the economy and the actions they take to support it.
“Understanding differences across demographic groups, industries, and areas of the country helps us to assess the strength of the economy ... and assess whether the policy actions are achieving their goals,” she said.