Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said that although the U.S. economy is recovering from the epidemic faster than expected, the Fed is focusing on supporting the labor market, which has lost 10 million jobs and is in crisis.

The comments by the Fed policy maker, who has the right to vote on policy this year, are a further sign that the Fed is not close to tightening despite the rebound in the economy.

"just to remind you that our job is to achieve full employment," Bostic said in an online speech at a banking conference hosted by the bank on Thursday. "our responsibility is not full GDP, regardless of the size of GDP. So this inconsistency is very important, and we must continue to pay close attention to it. "

Bostic said the size of the US economy, as measured by GDP, was about 2.5 per cent lower than it was in 2019, while employment was down about 6 per cent, adding that "the recovery is indeed in a difficult phase."

Federal Reserve Chairman Colin Powell told members of Congress this week that the country still has a long way to go to achieve the goal of full employment and price stability, suggesting that although the vaccine distribution economy is expected to perform strongly later this year, the Fed will maintain ultra-loose monetary policy for some time.

Other policy makers have repeated this message, including the sometimes hawkish Kansas City Fed President Esther George. "given the high unemployment rate, below-target inflation and uncertain economic prospects, it is too early to discuss the withdrawal of easing measures," she said on Thursday. "

The recovery situation is uneven

The outbreak has hit the poorest communities and women hardest. As many schools are still closed because of the epidemic, more women than men have to leave the workforce to take care of their children.

Bostic said the pace of economic recovery depends largely on the development of the epidemic and the process of vaccination, noting that progress in the labor market has stalled in the past few months because of the spread of the epidemic.

"the risk falls most heavily on the most vulnerable," Bostic said. "for many of us, the economic recovery can be felt. But for those at the bottom of the income distribution, they are still in serious crisis. "