Washington

The U.S. economy’s recovery from the virus-induced recession will get much harder, with more permanent job losses unless there’s additional fiscal support, Federal Reserve Bank of Atlanta President Raphael Bostic said.

Federal Reserve Chairman Jerome Powell faced questions from U.S. lawmakers Wednesday over the central bank’s help for Americans compared with markets.

A “fragile” economy and his expectations for a “more gradual” than forecast recovery mean “fiscal- and monetary-policy stimulus are essential,” Federal Reserve Bank of Boston President Eric Rosengren said Wednesday.

Federal Reserve Vice Chairman Richard Clarida said the central bank won’t consider raising interest rates from near zero until it actually achieves 2% inflation for at least a few months as well as full employment.

Eliseo Sampayo was fined $20,000, half of which will go to the Municipal Securities Rulemaking Board for violating its rules.

The U.S. central bank’s new guidance on interest rates doesn’t preclude tightening before inflation averages 2% for some period of time, Chicago Fed President Charles Evans said.

Guarnaccia is a partner at Ballard Spahr in Baltimore.

Rep. Rashida Tlaib, D-Mich., said the Municipal Liquidity Facility is not flexible enough for states and local governments.

Federal Reserve Bank of St. Louis President James Bullard said the U.S. economy has enough momentum to continue its recovery from the coronavirus slump even if Congress fails to pass additional taxpayer support.

The aid includes $9.6 billion for the Puerto Rico Electric Power Authority to repair and rebuild the electrical grid and $2 billion for the Puerto Rico Department of Education.