Fed's Mester speaks to reporters

  • We are still in a deep hole and economy is dependent on the virus
  • Economic activity has picked up in areas responsive to low interest rates like housing, but not restaurants in other industries
  • Reopening phase is going to take quite a while
  • It's going to take a while for commercial real estate to bounce back and more is this is made close without fiscal support
  • We expect to remain accommodative for quite some time