WASHINGTON (AP) — Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic, saying the drop in economic activity in the spring would likely be the steepest in the post-World War II period.
The minutes of the June 9-10 discussions, which were made public Wednesday, show officials grappling with economic disruptions that had already occurred and noting the crisis was “not falling equally on all Americans.”
The minutes say that Fed officials discussed how the sharp rise in joblessness had been especially severe for lower-wage workers, women, African Americans, and Hispanics.
The Fed’s policy-making committee voted 10-0 at the June meeting to keep central bank’s benchmark interest rate at a record low near zero and officials expected that it would remain at that ultra-low level through 2022.
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