Boston Federal Reserve President Eric Rosengren said on Jan. 15 that President Joe Biden's proposed stimulus plan is much needed for an economy likely to experience substandard growth in the first half of 2021.
Rosengren said he was comfortable with the aggressive fiscal plan despite its nearly $2 trillion price tag. He was one of the first central bank officials to publicly support Biden's plan.
Biden's Stimulus Plan
"It’s a big package, but I think it’s appropriate," he told CNBC’s Steve Liesman during an interview on 'The Exchange.' "The economy is in a lull right now, we've had a series of pretty weak data."
Rosengren cited December's 140,000 decrease in U.S. payrolls as a sign of an economic lull. He also noted how those losses accumulated primarily in restaurants, bars, ...