Federal Reserve Bank of Dallas

More pervasive virus testing and further fiscal stimulus is likely needed to revive consumer confidence and foster growth in the U.S. economy, according to Robert Kaplan, president of the Federal Reserve Bank of Dallas.

Federal Reserve officials warned the virus outbreak and a partial shutdown of the U.S. economy would result in a decline in the current quarter of historic proportions and risk the potential of massive bankruptcies that could create a lasting scar.

Pessimism about the economic situation in the United States continues to affect the way consumers view the economy and their financial position.

Several of the Lone Star State's manufacturing indexes dropped to record lows in April, a Dallas Fed survey showed.

Two of the Federal Reserve’s regional bank presidents expressed some confidence the U.S. economy can rebound strongly after coronavirus restrictions on consumers and businesses are lifted.

The Conference Board reported Tuesday that its consumer confidence index improved rose to 130.7 in February.

Growth in Texas factory activity accelerated in February while the Chicago Fed National Activity Index pointed to an uptick in economic growth in January.

Consumers remain confident, as the consumer confidence index rose to 131.6 in January from an upwardly revised 128.2 in December, the Conference Board reported Tuesday.

A report from the Federal Reserve reported modest economic growth, a characterization two Federal Reserve Bank presidents seemed to agree with.

President Trump’s New Year’s Eve announcement that he will sign a phase one trade deal with China will offer some stability to those hurt most by the trade war and should allow the Federal Reserve to keep monetary policy accommodative, according to analysts.