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12/21/22, 5:43 PM The U.S. Economy and COVID-19: An Update | James Bullard | St. Louis Fed Home > Latest from President Bullard > Speeches, Presentations and Commentary From the President The U.S. Economy and COVID-19: An Update November 13, 2020 Presentation (pdf) | Press Release During a virtual presentation for the Economic Club of Memphis, St. Louis Fed President James Bullard said that while there has been progress in managing the global health crisis, substantial risks remain. He also noted that U.S. macroeconomic news from May through October surprised dramatically to the upside, which suggests that the business sector has rapidly adjusted to the pandemic. In addition, he said, “U.S. monetary and fiscal policies have been exceptionally effective and were designed for a larger shock than the one that has occurred.” He cautioned that downside risk remains substantial, and continued execution of a granular, risk-based health policy will be critical to maintain economic momentum. FOLLOW US SIGN UP FOR EMAIL ALERTS Receive updates in your inbox as soon as new content is published on our website SIGN UP QUICK LINKS https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2020/us-economy-and-covid-19-an-update 1/2 12/21/22, 5:43 PM The U.S. Economy and COVID-19: An Update | James Bullard | St. Louis Fed About Us Legal Information Contact Us Privacy Policy Careers Doing Business with the Fed Events Federal Reserve Services Visiting the St. Louis Fed Federal Banking Regulations https://www.stlouisfed.org/from-the-president/speeches-and-presentations/2020/us-economy-and-covid-19-an-update 2/2