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Bostic says Fed will support U.S. economy as long as necessary

·1 min read

March 5 (Reuters) - The U.S. economy is still under "considerable distress" and the Federal Reserve will continue to provide support until the labor market is stronger and average inflation is on track to meet the U.S. central bank's long term target, Atlanta Fed President Raphael Bostic said on Friday.

The U.S. economy could grow between 5% and 6% this year, Bostic said during a virtual conversation organized by Stanford University. But he cautioned that the labor market could face structural changes as a result of the pandemic that require some laid-off service-sector workers to train for jobs in new industries. (Reporting by Jonnelle Marte; Editing by Leslie Adler)