Economics
Fed’s Kashkari Urges Congress to Act, Suggests Fresh Lockdown
- U.S. savings rate surging as those still employed spend less
- Says economy staggered by virus needs more fiscal relief
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The surging U.S. savings rate means the country can afford to support Americans laid off due to the coronavirus pandemic, while a “hard” lockdown could deliver a faster economic recovery, a senior Federal Reserve official said on Sunday.
Federal Reserve Bank of Minneapolis President Neel Kashkari told CBS’s “Face the Nation” that Americans are saving more because they aren’t going out as much during the pandemic, and as a result there would be less need to borrow from abroad to finance additional fiscal aid.