WASHINGTON - The Federal Reserve is “closely monitoring” the escalating coronavirus outbreak but it is still too soon to gauge if it would require a change in monetary policy, Fed Vice Chair Richard Clarida said on Tuesday as the central bank continues to patiently monitor the impact of the epidemic on the U.S. economy.
Clarida, the No. 2 at the Fed, provided a similar assessment about the virus last week, in which he noted it would have a noticeable impact on Chinese growth, at least in the first quarter of the year. The Fed held rates steady at its first meeting of the year in late January and has previously said it intends to keep rates unchanged, barring a significant change in the U.S. economic outlook.
Cleveland Fed President Loretta Mester on Monday warned against a knee-jerk reaction by the central bank to short-term market fluctuations but said the Fed will be assessing any changes to financial conditions.
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