The COVID-19 pandemic had devastating health, economic and social consequences. In New York, the pandemic and ensuing economic shutdown produced almost 2 million job losses in 2020. Yet for many, economic hardships existed long before this time.
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2020 Lessons, 2021 Priorities this post authored by Mary C. Daly
What lessons should we take from a difficult year - and what should our priorities be for 2021? Overcoming the harsh and uneven economic impacts of COVID-19 and returning to full employment and sustainable 2% inflation will be the Federal Reserve’s chief concerns. But success will require us to have confidence in the power of our tools.
The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Arizona State University Economic Forecast Luncheon on December 1.
Hello everyone. It’s safe to say that 2020 has been a year to remember. Twelve months ago, we were in the midst of the longest economic expansion in U.S. history. Unemployment sat near historic lows, wages and incomes were rising, and inflation was moving gradually back toward our 2% target.