US Fed, "US Economic Outlook Still Uncertain"

Extension of Effectiveness for Regulation Amendments Supporting Small and Medium Enterprise Support Programs

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The United States central bank, the Federal Reserve (Fed), has assessed that the outlook for the U.S. economy remains uncertain.

In its economic trend report, the 'Beige Book,' the Fed stated that although economic activity increased in almost all regions despite the severe impact of the COVID-19 pandemic on the U.S. economy, "it still falls far short of pre-COVID-19 levels."

The Fed further pointed out that "the outlook remains very uncertain." This report covers the period from late May to July 6, during which new infections spread.

Bloomberg News noted that while economic activity may have increased in late May and early June, the resurgence of COVID-19 in many states after the Beige Book survey period may have dampened the economic recovery. Since this survey, California decided to halt the reopening of economic activities, raising concerns about its impact on economic restart.

The Beige Book evaluates economic trends in the 12 Federal Reserve Bank districts under the Fed and is used as basic data for the Federal Open Market Committee (FOMC) regular meetings that determine monetary policy.

Separately, the Fed announced on the same day that it would extend the effectiveness of regulatory amendments for implementing the Payroll Protection Program aimed at small businesses to aid COVID-19 recovery.

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