(Reuters) – Reports measuring U.S. economic activity are likely to be “very bad” and the unemployment rate could rise above 10% because of efforts to slow the spread of the coronavirus, Cleveland Federal Reserve Bank President Loretta Mester said on Tuesday.
The Fed is doing what it can to support markets and to set up the economy for a strong recovery after the virus is contained, Mester said during an interview on CNBC.
“How things play out really are going to depend on the course of the virus,” Mester said.
(Reporting by Jonnelle Marte; Editing by Chris Reese)
