The recovery in the U.S. economy is seen as almost complete although there are still risks arising from jobs, according to Richmond Federal Reserve Chairman Thomas Barkin.
With vaccine launches, daily cases and declining hospital admissions, consumer spending is expected to rise again, as well as the government's $ 1.9 trillion fiscal stimulus package.
As the health crisis subsides, Barkin said U.S. officials need to focus on how to restore jobs and improve education affected by the pandemic.
In addition, following the impending recovery, Barkin also sees risks from rising prices even though there are still no signs that an unwanted increase in inflation will occur.
Barkin also said that current policies need to let the market function and not prevent the creation of new businesses to protect existing businesses.
The Federal Reserve (Fed) left interest rates unchanged at its FOMC policy meeting last week, and predicts it will remain around 0-0.25% for the next 3 years despite rising inflation and unemployment is projected to remain weak until 2023.
