June 22, 2020 / 5:15 PM / 21 days ago

Fed's Rosengren sees difficult second half for U.S. economy

FILE PHOTO: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo

(Reuters) - Boston Federal Reserve Bank President Eric Rosengren on Monday said the central bank’s newly launched Main Street Lending Facility provides “insurance” against what he expects to be a difficult second half of the year.

“If I’m right and the second half of the year is more difficult than many people are anticipating, I think having this facility up and running will be an important insurance policy for the economy,” Rosengren told Yahoo Finance in an interview. “I view every loan that we are going to be making as actually helping those businesses avoid very significant layoffs that they would get if they couldn’t get the financing that the Federal Reserve’s providing.”

Reporting by Ann Saphir; Editing by Chizu Nomiyama

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