Lindsay Pigs, Steeple Financial, FED discussed on P&L With Pimm Fox and Lisa Abramowicz
Got another dose of sobering jobless claims this morning arguably once again raising the for the fed remain accommodative and for congress to move forward on a meaningful piece of fiscal stimulus. Let's get the latest economic outlook with lindsay pigs. A chief economist at steeple financial joining us on the phone from chicago lindsay. Thanks so much for joining us here if we step back a little bit we can certainly see signs that the economy is through the worst of the pandemic a disruption. But there's still a lot of work to do given what we heard from fed chairman palled this week given what we see on the on the jobless front and other economic data points. Where do you think we are in the recovery. Well i think we've made it through the first The biggest barrier the biggest hot as we saw the worst of the pandemic in the second quarter. But that's not to say that we're not going to have more difficult times ahead because even if we do see the second round resurgent Snuffed out at relatively faster pace than the first route remember. Businesses and individuals are already beginning from an extremely fragile position after months of hardship. So it's going to be increasingly difficult for them to continue to whether a storm without some sort of additional artificial support from officials in washington. So there really has to be some increased pressure on our representatives on capitol hill to really do their job and get some of those funds out to hurting individuals and businesses really struggling at this point. How concerned do you think the. Fomc is about the situation lindsey. I think they're very concerned. I do think that the fed chairman struck a very delicate line on the one hand. He was trying to be optimistic about the improvement that we've seen thus far particularly in the third quarter with that stellar rise more than offsetting the decline in the second quarter at least in percentage terms but he was also very cautious to say it looks the virus is going to dictate the path of the recovery. It's still very uncertain. And while we're optimistic a number of things have to go write. A number of dominoes have to fall. It's just perfectly in line. In order to really navigate ourselves out of this This unprecedented situation. So i do think the fed is increasingly concerned about being able to get the economy back on track but more importantly position of a longer run sustainable improved trajectory..