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Congress must pass new stimulus now to fend off another virus-driven economic slowdown, says one Fed president

Loretta Mester

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Congress needs to act soon if it aims to avoid another bout of economic turmoil, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.

Fears of a double-dip recession are escalating as the US contends with its worst wave yet of COVID-19 infections. Daily case counts continue to hit new records, and several economic indicators point to a weakening pace of recovery.

While the start of the coronavirus recession was met with a historic monetary and fiscal response, the absence of new stimulus is “very concerning,” Mester said in an interview on Bloomberg TV.

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