Atlanta Fed President: "Businesses Are Nervous... Economic Impact Will Last Long"

[Asia Economy New York=Correspondent Baek Jong-min] Raphael Bostic, President of the Federal Reserve Bank of Atlanta, said on the 7th (local time) that American businesspeople are anxious about the resurgence of the novel coronavirus infection (COVID-19) and that the economic repercussions could last longer than expected.

President Bostic explained at the Tennessee Business Roundtable event that day, "The more data accumulates, the more we hear about COVID-19. Concerns among businesspeople and consumers are growing. There is probably a consensus that the current situation will last longer than we had anticipated."

Raphael Bostic, President of the Atlanta Fed
[Photo by Reuters]

He also mentioned that he is seeing signs indicating a slowdown in the pace of the U.S. economic recovery. In a previous interview with the media, President Bostic expressed concern, saying, "I am paying attention to several signals, some of which suggest that the trajectory of the economic recovery will be more challenging than before."

He added, "My greatest concern is whether corporate losses and unemployment will become prolonged."