Make Kitco Your Homepage

Fed's Kaplan says U.S. economy needs more fiscal support

Kitco News

(Reuters) - Dallas Federal Reserve Bank President Robert Kaplan on Friday called again for more fiscal support for the U.S. economy, particularly for state and local governments struggling with budget holes, and for the millions of unemployed who are spending down savings from prior aid.

“If the savings from those do run out you are going to see consumer spending get weaker,” Kaplan said at an energy conference held online by the Dallas and Kansas City Fed banks. “This hasn’t felt as much like a recession for a lot of businesses - it will start to, if you don’t have some renewal in some form of the fiscal relief.”

Reporting by Ann Saphir; Editing by Chizu Nomiyama

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.