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Fed's Rosengren calls Biden stimulus plan big yet 'appropriate'
Federal Reserve Bank of Boston President Eric Rosengren said President-elect Joe Biden’s request for US$1.9 trillion in economic relief is needed as growth shows signs of slowing. “It’s a big package, but I think it’s appropriate,” Rosengren said Friday in a CNBC interview. “The economy is in a lull right now, we’ve had a series of pretty weak data.” Rosengren cited December’s 140,000 drop in U.S. payrolls, and noted those losses being concentrated in restaurants, bars, recreation, and other sectors hit hard by the pandemic. His comments follow fresh signs of duress for workers in the world’s ... (full story)