Fed's gloomy economic outlook 'about right, ' say economists

While unprecedented fiscal and economic stimulus sparked a rally in stock markets after a trough in late-March, three-quarters of economists polled, or 45 of 60, said the Fed's somber economic projections and its ultra-easy policy stance was "about right."

BENGALURU: The Federal Reserve struck the right tone in its first pandemic-era economic outlook, suggesting years of extraordinary policy support for an economy facing a slow and long slog back, according to a majority of economists in a Reuters poll.

While the June 15-22 poll of over 100 economists showed a recovery from the steepest economic downturn was underway as commerce reopens, the loss of output in the first half of this year was not expected to be recouped by the end of next year.