Fed policymakers working to limit damage as pandemic puts US economy on pause

The U.S. economy was on a strong footing before the coronavirus pandemic and Federal Reserve officials are working to help the economy rebound quickly once businesses that were shuttered because of the virus begin to reopen, two policymakers said Friday.

Economic numbers could get"very ugly" in the near term because of that halt to activity, but policymakers are doing what they can to support the businesses and consumers affected the most, Cleveland Fed President Loretta Mester said Friday.

The U.S. economy"has been placed in hibernation. Its temperature has been brought down. It can be revived without permanent damage," Federal Reserve vice chair Randal Quarles said in a web presentation hosted by the University of Utah."The measures we have taken in conjunction with the Treasury and additional measures that Congress has put in place are designed to ensure that the hibernation period we can go through with the least amount of damage, and I believe we will do that.

On Friday, Mester said the process for returning to work will be determined by health officials and that it will need to happen in stages. Until then, the Fed is working to make sure markets are functioning smoothly and that the households and businesses in need of credit can access it, she said.

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