Fed’s Mester says policymakers want to prevent ‘lasting damage’ to the economy

(Reuters) – The U.S. economy was on a strong footing before the coronavirus pandemic and Federal Reserve officials are working to help the economy rebound quickly once businesses that were shuttered because of the virus begin to reopen, Cleveland Fed President Loretta Mester said Friday.

“What public policy needs to do, and this includes the Fed, is to help ensure that the shutdown in activity that is being felt doesn’t cause lasting damage to the economy,” Mester said during a virtual forum organized by the City Club of Cleveland. “And to make sure that we give aid and relief to the employees and workers and the businesses that are bearing the brunt of that shutdown.”

(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)

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