The President of the Federal Reserve Bank of Atlanta claimed that the economic condition of the U.S. has been slowly and gradually improving however some industries are still struggling to keep up with it.
Some areas are not only recovering from the setback but also growing. The small and medium companies are facing more difficulty since all of their income depended on what they can earn through an influx of customers. Industries such as tourism and hotels are majorly suffering.
The Federal Open Marketing Committee is set to hold meetings twice again in the current year. Bostic will also become a voting member for policymaking in the FOMC in the coming year.
The incoming second wave of COVID-19 might affect the economy that is trying to get out of the mess. Congress has so far failed to come up with a new and mutually agreed-upon policy for the developments that have been acting as a burden on the already slow growth and recovery of the labor market.
Many Americans have been struggling to keep up and the state of many citizens has been miserable because of the pandemic as Bostic said.
Being the only Black Fed president, people claim that it is likely for Bostic to be a part of Joe Biden’s administration if their party can defeat the current President Trump.
Biden’s campaign has focused on racial inequality and promised to increase diversity in the institutions. When Bostic was questioned if he was interested in such an opportunity he said that there are much bigger things occupying his mind right now.
He also added that he would let things take their natural course and everything will eventually fall into pieces.
In the past, he has worked with Obama’s administration from the years 2009 to 2012.