While they believe the initial slow vaccine distribution will accelerate and eventually end the health crisis, a faster versus slower vaccination rate translates directly into a faster or slower job recovery. It means the difference between less labor market "scarring" or more long-term harm for unemployed workers; between fewer defaulted loans and failed businesses or more bankruptcies and shuttered businesses; and between greater overall acceleration in output or a notably shallower rebound.
WASHINGTON: One U.S. Federal Reserve official says there is now a "clearer focus" about the economy's path forward and a horizon for a fuller recovery. Another says the pandemic's "endgame" is here. A third predicts 2021 will prove "impressive."
After a catastrophic spell when economic conditions were so confounded by the coronavirus that the Fed stopped making projections altogether, U.S. central bankers now like what they see.
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