Fed’s Pianalto Says U.S. Economy ‘Struggling to Recover’

Federal Reserve Bank of Cleveland President Sandra Pianalto said the central bank is seeking to keep interest rates low because the U.S. economy hasn’t fully recovered from a recession two years ago.

“As we are all too painfully aware, the U.S. economy is still struggling to recover from the great recession,” Pianalto said in Akron, Ohio. “This accommodative monetary policy stance we have is about keeping interest rates low so businesses can borrow” to increase investment and hiring.