Economic outlook: Fed to prioritize long-term hiring, inflation goals - Business Insider

FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in CambridgeThe Federal Reserve will soon need to pivot from its immediate relief measures to long-term efforts to reach unemployment and inflation goals, central bank governor Lael Brainard said Tuesday.

Separately, Richmond Fed President Thomas Barkin said the fears of rising unemployment could become reality if measures such as the Paycheck Protection Program expire.A second wave of coronavirus infections will likely force the Federal Reserve to prioritize long-term recovery over immediate stabilization, central bank governor Lael Brainard said Tuesday.

"A thick fog of uncertainty still surrounds us, and downside risks predominate," she said. "Looking ahead, it likely will be appropriate to shift the focus of monetary policy from stabilization to accommodation by supporting a full recovery in employment and a sustained return of inflation to its 2% objective.

Other central bank officials have raised new concerns amid soaring case counts. Richmond Fed President Thomas Barkin cautioned on Tuesday that unemployment could turn higher if key fiscal efforts aren't given additional support. Congress at the start of July extended the Paycheck Protection Program until August 8, but hasn't yet extended the deadline for additional unemployment benefits.

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