Fed’s Bostic Warns of ‘Pain’ With Summer End to Government Aid

With a number of authorities packages designed to cushion the blow from the coronavirus disaster anticipated to expire this summer time, cities want to put together to assist folks in “perilous” positions, Atlanta Federal Reserve Bank President Raphael Bostic warned on Friday.

“All the relief efforts that have been put forward actually have worked, and … played an important role in helping mitigate the pain and distress of families,” Bostic informed a digital assembly of the U.S. Conference of Mayors, referring to eviction moratoriums and additional unemployment advantages slated to expire on July 31, amongst different assist.

“We have to think that there may be some real pain that might be on the horizon,” he mentioned, including that cities ought to attempt to reserve funds to assist renters and householders who may lose their housing.

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