By Jonnelle Marte
(Reuters) – Women, minorities and low-wage workers have been disproportionately affected by pandemic related job losses and efforts to reopen the economy should include programs that improve job quality and make child care more affordable, Boston Federal Reserve Bank President Eric Rosengren said Friday.
“Absent such an effort, many individuals will continue to be held back from participating in the labor market, with negative repercussions for the economy as a whole,” Rosengren said in remarks prepared for the Yale Economic Development Symposium.
The robust support provided by the Federal Reserve and fiscal policymakers was appropriate given the severity of the crisis, Rosengren said.
The policymaker repeated the central bank’s commitment to keep interest rates low until the Fed reaches its 2% inflation target and to keep purchasing $120 billion a month in bonds until more progress is made toward the Fed’s goal of maximum employment.
(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)
