Atlanta Fed President Raphael Bostic said “this recession was unlike anything we ever had before, so the recovery is going to be that way as well”. As for the way out there in 2023, 2024, ” there’s a lot that’s going to happen that could go one way or another.”

“A lot of the recent developments have been positive,” he added. “We should be open to the possibility that things might happen more strongly than they would otherwise.”

Still, Bostic was not worrying about price pressures. “It’s not really the level of inflation but much more the trajectory as we move forward that I’m going to be focusing on to get answers of whether the economy might be moving into places that make me uncomfortable,” he said.

Boston Fed Bank President Eric Rosengren said the US is “still in the depths of a recession” and he hoped, “over the course of the spring we’re really talking about a significant recovery.”

“The first thing we can do is do everything in our power to get back to full employment as quickly as possible,” he added.” “I don’t want to say that the burden is all on monetary policy. Most of the burden is actually on fiscal policy when interest rates are as low as they are.”

Minneapolis Fed President Neel Kashkari said he’s “not concerned” about the massive fiscal stimulus response to the pandemic as “this is like wartime spending”. The US has the “capacity to do what we need to do” with more government borrowing.

“The key now is for the Federal Reserve to keep our foot on the monetary policy gas until we really have achieved maximum employment as we call it,” Kashkari added. “And I think it’s going to be important for Congress to continue to be aggressive supporting people who have been laid off, supporting small businesses until we really get the pandemic behind us and restore the economy.”