The Federal Reserve on Wednesday struck a more somber tone about the U.S. economy, saying the recovery is weakening as the country waits for widespread vaccinations against the coronavirus.
“The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic,” the Fed’s rate-setting committee said in its post-meeting statement. That contrasts with its observation last month that the economy had “continued to recover.”
Economic pain is still acute for tens of millions of people and for businesses across the country as the pandemic, which has taken the lives of more than 400,000 Americans, continues to spread.
