Comments in the Fed's monetary policy report to Congress about the Fed Listens events
- Weekly employment data from ADP indicate that rehiring has continued and that payroll employment will move up again in June
- Strains on household and business balance sheets from the economic and financial shocks since march will likely create persistent fragility
- Fragilities expected to be significant in the near term
- Lending standards for both households and businesses have become less accommodative, borrowing conditions are tight
- In Q2, GDP appears to be plummeting at a breathtaking pace
- Risks abroad are skewed to the downside
- Economic damage of the recession may be quite persistent
- Collapse in demand may ultimately bankrupt many businesses
- Full report
It's interesting that the Fed is looking at higher-frequency data.