Fed’s Quarles ‘optimistic’ on economic outlook

Randal Quarles
Randal Quarles gives testimony
Photo: US Federal Reserve

The global economic outlook may not be as bleak as some fear, Randal Quarles said on September 23.

There is evidence of a strong rebound in economies worldwide and progress in managing the Covid-19 pandemic, the Federal Reserve’s vice-chairman for supervision said.  

Quarles acknowledged that unemployment in the US is still “unacceptably high”. He added that many emerging market economies are still struggling, and the “economic fortunes” of households and businesses “remain at risk”.

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