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NY Fed’s markets head Singh says big challenges remain for economy

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

(Reuters) – The emergency lending programs set up by the Federal Reserve to support financial markets served as successful backstops, but the U.S. economy still faces major obstacles at a time when millions of Americans are unemployed, state and local governments are struggling and coronavirus infections are rising, a senior official at the New York Fed said on Monday.

“In terms of what’s missing, or what next steps could be we still have a big hole,” Daleep Singh, head of the markets desk at the New York Fed, said during a virtual event organized by the Institute of International Finance. “Those are very big challenges that remain.”

(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)

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