Fed Officials See Resilient U.S. Economy as Risks Persist

Federal Reserve officials downplayed concerns about the impact of geopolitical uncertainty on the U.S. economy amid flaring tensions with Iran, even as a record of the central bank’s meeting last month showed that downside risks remain on their minds.

“That’s one of the great things about the U.S. economy, is it does have this resiliency to it,” Cleveland Fed President Loretta Mester said Friday in an interview on Bloomberg Television. “Obviously we can’t know what is going to happen in the Middle East at this point, and it adds to the uncertainty surrounding things, but fundamentally, the economy is sound.”