World News

Fed’s Mester says economic reopening has to be done carefully, in stages

(Reuters) – Cleveland Federal Reserve Bank President Loretta Mester said the central bank is working to support market functioning and to shore up businesses so they can resume activity quickly when the economy reopens.

Mester said any efforts to reopen the economy should be handled in stages, adding that social distancing and protective equipment, including masks and gloves, will likely be needed.

“No one wants to go backwards,” Mester said during an interview with Bloomberg TV. “Everyone wants to kind of get back to work but everyone realizes that how you do that really has to be done very carefully.”

(Reporting by Jonnelle Marte, Editing by Franklin Paul)